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Kazakhstan Economy Profile 2013

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Economy - overviewKazakhstan, geographically the largest of the former Soviet republics, excluding Russia, possesses enormous fossil fuel reserves and plentiful supplies of other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. In 2002 Kazakhstan became the first country in the former Soviet Union to receive an investment-grade credit rating. Extractive industries have been and will continue to be the engine of Kazakhstan's growth, although the country is aggressively pursuing diversification strategies. Landlocked, with restricted access to the high seas, Kazakhstan relies on its neighbors to export its products, especially oil and grain. Although its Caspian Sea ports, pipelines, and rail lines carrying oil have been upgraded, civil aviation and roadways continue to need attention. Telecoms are improving, but require considerable investment, as does the information technology base. Supply and distribution of electricity can be erratic because of regional dependencies, but the country is moving forward with plans to improve reliability of electricity and gas supply to its population. At the end of 2007, global financial markets froze up and the loss of capital inflows to Kazakhstani banks caused a credit crunch. The subsequent and sharp fall of oil and commodity prices in 2008 aggravated the economic situation, and Kazakhstan plunged into recession. While the global financial crisis took a significant toll on Kazakhstan's economy, it has rebounded well, helped by prudent government measures. GDP increased 7.5% year-on-year in 2011, and 5.0% in 2012. Rising commodity prices have helped the recovery. Despite solid macroeconomic indicators, the government realizes that its economy suffers from an overreliance on oil and extractive industries, the so-called "Dutch disease." In response, Kazakhstan has embarked on an ambitious diversification program, aimed at developing targeted sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing. In 2010 Kazakhstan joined the Belarus-Kazakhstan-Russia Customs Union in an effort to boost foreign investment and improve trade relationships and is planning to accede to the World Trade Organization in 2013.
GDP (purchasing power parity)$235.6 billion (2012 est.)
$224.3 billion (2011 est.)
$208.6 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$196.4 billion (2012 est.)
GDP - real growth rate5% (2012 est.)
7.5% (2011 est.)
7.3% (2010 est.)
GDP - per capita (PPP)$14,100 (2012 est.)
$13,700 (2011 est.)
$13,000 (2010 est.)
note: data are in 2012 US dollars
Gross national saving28.3% of GDP (2012 est.)
30.5% of GDP (2011 est.)
28% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 45.5%
government consumption: 11.6%
investment in fixed capital: 21.1%
investment in inventories: 2.5%
exports of goods and services: 48.4%
imports of goods and services: -30%
(2012 est.)
GDP - composition by sectoragriculture: 5.2%
industry: 37.9%
services: 56.9% (2011 est.)
Population below poverty line5.3% (2011 est.)
Labor force8.54 million (2012 est.)
Labor force - by occupationagriculture: 25.8%
industry: 11.9%
services: 62.3% (2012)
Unemployment rate5.3% (2012 est.)
5.4% (2011 est.)
Unemployment, youth ages 15-24total: 4.6%
male: 4.2%
female: 5% (2011)
Household income or consumption by percentage sharelowest 10%: 3.9%
highest 10%: 23.7% (2011 est.)
Distribution of family income - Gini index28.9 (2011)
31.5 (2003)
Investment (gross fixed)21.1% of GDP (2012 est.)
Budgetrevenues: $39.19 billion
expenditures: $44.96 billion (2012 est.)
Taxes and other revenues20% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-2.9% of GDP (2012 est.)
Public debt13.2% of GDP (2012 est.)
12.6% of GDP (2011 est.)
Inflation rate (consumer prices)5.1% (2012 est.)
8.4% (2011 est.)
Central bank discount rate5.5% (31 December 2012 est.)
7.5% (31 December 2011 est.)
Commercial bank prime lending rate6.6% (31 December 2012 est.)
6.71% (31 December 2011 est.)
Stock of narrow money$25.82 billion (31 December 2012 est.)
$25.97 billion (31 December 2011 est.)
Stock of broad money$70.36 billion (31 December 2012 est.)
$65.71 billion (31 December 2011 est.)
Stock of domestic credit$83.08 billion (31 December 2012 est.)
$75.05 billion (31 December 2011 est.)
Market value of publicly traded shares$35.6 billion (31 December 2012)
$43.3 billion (31 December 2011)
$60.74 billion (31 December 2010)
Agriculture - productsgrain (mostly spring wheat and barley), potatoes, vegetables, melons; livestock
Industriesoil, coal, iron ore, manganese, chromite, lead, zinc, copper, titanium, bauxite, gold, silver, phosphates, sulfur, uranium, iron and steel; tractors and other agricultural machinery, electric motors, construction materials
Industrial production growth rate1.3% (2012 est.)
Current Account Balance$12.69 billion (2012 est.)
$13.6 billion (2011 est.)
Exports$93.07 billion (2012 est.)
$88.47 billion (2011 est.)
Exports - commoditiesoil and oil products, natural gas, ferrous metals, chemicals, machinery, grain, wool, meat, coal
Exports - partnersChina 21%, Russia 9.9%, France 9.3%, Germany 6.9%, Italy 5%, Canada 4.8%, Ukraine 4.7%, Romania 4.1% (2012)
Imports$47.89 billion (2012 est.)
$41.16 billion (2011 est.)
Imports - commoditiesmachinery and equipment, metal products, foodstuffs
Imports - partnersRussia 31.6%, China 26.6%, Germany 6%, Ukraine 4.4% (2012)
Reserves of foreign exchange and gold$28.28 billion (31 December 2012 est.)
$29.33 billion (31 December 2011 est.)
Debt - external$137.1 billion (31 December 2012 est.)
$125.2 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$108.3 billion (31 December 2012 est.)
$94.79 billion (31 December 2011 est.)
Stock of direct foreign investment - abroad$22.84 billion (31 December 2012 est.)
$20.84 billion (31 December 2011 est.)
Exchange ratestenge (KZT) per US dollar -
149.11 (2012 est.)
146.62 (2011 est.)
147.36 (2010 est.)
147.5 (2009)
120.25 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of February 21, 2013