Kazakhstan current account surplus soars to USD 8.7bn in H1.

By bne IntelliNews October 11, 2012
Kazakhstans current account surplus soared to USD 8.7bn in H1, the National Bank of Kazakhstan has informed. The growth in surplus was supported by high prices for the countrys commodities. The current account surplus expanded by 27.8% compared to H1/11 and accounted for 10.4% of the countrys GDP. The head of the NBK Grigory Marchenko commenting on the data, noted that the market situation remained favorable for Kazakhstan as oil and grain prices are high. As we earlier reported, Kazakhstan raised exports of oil and gas condensate by 12.3% y/y to USD 34.3bn in Jan-Jul while the value of grain exports surged by 497.3% y/y to USD 1.2bn in the same period. Total value of exports reached USD 46.9bn in H1 (growth of 10.4% y/y) while imports went up by 13.1% y/y to USD 20.9bn in H1. The government expects GDP to increase by 6% this year while president even suggested growth at the level of 7% this year. However, the IMF revised downward its forecast for Kazakhstan to 5.5% y/y this year.
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