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Kazakhstan Economy Profile 2016

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Economy - overviewKazakhstan, geographically the largest of the former Soviet republics, excluding Russia, possesses substantial fossil fuel reserves and other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. The government realizes that its economy suffers from an overreliance on oil and extractive industries and has embarked on an ambitious diversification program, aimed at developing targeted sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing.

Kazakhstan's vast hydrocarbon and mineral reserves form the backbone of its economy. Kazakhstan is landlocked and depends on Russia to export its oil to Europe. In 2010, Kazakhstan joined Russia and Belarus to establish a Customs Union in an effort to boost foreign investment and improve trade. The Customs Union evolved into a Single Economic Space in 2012 and the Eurasian Economic Union (EEU) in January 2015.

The economic downturn of its EEU partner, Russia, and the decline in global commodity prices have contributed to an economic slowdown in Kazakhstan, which is experiencing its slowest economic growth since the financial crises of 2008-09. Kazakhstan devalued its currency, the tenge, by 19% in February 2014, and in November 2014, the government announced a stimulus package to cope with its economic challenges. In spring 2015, Kazakhstan embarked on an ambitious reform agenda to modernize its economy and improve its institutions. In the face of further decline in the ruble, oil prices, and the regional economic slowdown, Kazakhstan announced in August 2015 that it would cancel its currency band in favor of a floating exchange rate that sparked further devaluation of the tenge. In 2015, Kazakhstan's president signed into law a new Entrepreneurial Code and a new Labor Code, both aimed at improving the business environment. Despite some positive institutional and legislative changes, investors remain concerned about corruption, bureaucracy, and arbitrary law enforcement, especially at the regional and municipal levels.
GDP (purchasing power parity)$429.1 billion (2015 est.)
$424.2 billion (2014 est.)
$406.7 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$173.2 billion (2015 est.)
GDP - real growth rate1.2% (2015 est.)
4.3% (2014 est.)
6% (2013 est.)
GDP - per capita (PPP)$24,300 (2015 est.)
$24,300 (2014 est.)
$23,700 (2013 est.)
note: data are in 2015 US dollars
Gross national saving24.2% of GDP (2015 est.)
27% of GDP (2014 est.)
24.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 56.1%
government consumption: 13.7%
investment in fixed capital: 24%
investment in inventories: 1.2%
exports of goods and services: 30.9%
imports of goods and services: -25.9% (2015 est.)
GDP - composition by sectoragriculture: 4.8%
industry: 35.3%
services: 59.9% (2015 est.)
Population below poverty line5.3% (2011 est.)
Labor force8.965 million (2015 est.)
Labor force - by occupationagriculture: 25.8%
industry: 11.9%
services: 62.3% (2012)
Unemployment rate5% (2015 est.)
5% (2014 est.)
Unemployment, youth ages 15-24total: 3.9%
male: 3.6%
female: 4.3% (2013 est.)
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)
Budgetrevenues: $34.1 billion
expenditures: $38.08 billion (2015 est.)
Taxes and other revenues17.5% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-2% of GDP (2015 est.)
Public debt17.6% of GDP (2015 est.)
15.5% of GDP (2014 est.)
Inflation rate (consumer prices)6.5% (2015 est.)
6.7% (2014 est.)
Central bank discount rate16% (31 December 2015)
5.5% (31 December 2014)
Commercial bank prime lending rate10.9% (31 December 2015 est.)
7.24% (31 December 2014 est.)
Stock of narrow money$9.802 billion (31 December 2015 est.)
$16.35 billion (31 December 2014 est.)
Stock of broad money$52.89 billion (31 December 2014 est.)
$56.49 billion (31 December 2013 est.)
Stock of domestic credit$50.51 billion (31 December 2015 est.)
$78.46 billion (31 December 2014 est.)
Market value of publicly traded shares$23.5 billion (31 December 2012 est.)
$43.3 billion (31 December 2011)
$60.74 billion (31 December 2010 est.)
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 rate0.8% (2015 est.)
Current Account Balance-$4.5 billion (2015 est.)
$5.994 billion (2014 est.)
Exports$45.37 billion (2015 est.)
$80.28 billion (2014 est.)
Exports - commoditiesoil and oil products, natural gas, ferrous metals, chemicals, machinery, grain, wool, meat, coal
Exports - partnersChina 15.1%, Russia 12.3%, France 9.2%, Germany 7.9%, Italy 6.7%, Greece 4.1% (2015)
Imports$31.64 billion (2015 est.)
$43.58 billion (2014 est.)
Imports - commoditiesmachinery and equipment, metal products, foodstuffs
Imports - partnersRussia 32.9%, China 25.9%, Germany 4.2% (2015)
Reserves of foreign exchange and gold$29.31 billion (31 December 2015 est.)
$28.92 billion (31 December 2014 est.)
Debt - external$157.1 billion (31 December 2014 est.)
$149.9 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$142.4 billion (31 December 2015 est.)
$136.6 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$33.46 billion (31 December 2015 est.)
$31.46 billion (31 December 2014 est.)
Exchange ratestenge (KZT) per US dollar -
214.1 (2015 est.)
179.19 (2014 est.)
179.19 (2013 est.)
149.11 (2012 est.)
146.62 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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