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CONSULTING

Last update: 21.05.2009


KAZAKHSTAN



Area: 2.7 million sq. km
Capital city: Astana (pop. over 600,000, 2007)
Population: 15.6 million (Jan, 2008 est.)
Annual growth rate: 1.08% (2007 est.)
Languages: Kazakh64.4%, Russian (routinely in business)
Literacy: 98.4%.
Government type: Republic
Neighboring countries: Russia, Uzbekistan, China, Kyrgyzstan, Turkmenistan
Memberships: UN, the IMF/World Bank, EBRD, OSCE, CIS, CST, EEC, Central Asian Co-operation Organisation, Shanghai Co-operation Organisation and the Conference on Interaction and Confidence Building.
Currency: Kazakh Tenge KZT)

TARGET SECTORS

• Oil and gas
• Metals, minerals and mining (mining)
• Financial services
• Manufacturing
• Telecommunications
• Transport - road, rail and aviation
• Construction
• Power generation
• Agriculture
• Food processing and packaging
• Environment

ECONOMY

GDP: $102.5 billion(2007)
Annual growth rate: 8.5% (2007), 3.2% (2008), Projection 2009: -2.0%, Projection 2010: 1.5%
GDP (PPP): $168.2 billion (2007 est.)
GDP per capita (PPP): $11,100. (2007)
GDP - composition by sector: agriculture: 5.8%, industry: 39.4%, services: 54.8% (2007 est.)
Major Industries: ferrous metals. oil. gas. agriculture
Inflation: 10.8% (2007 average)
Work force: 8.16 million (2007 est.): Industry and construction--18.1%; agriculture and fishing--32.9%; services--49%
Unemployment: 7.3% (2007 est.)
Trade: Exports: $44.88 billion (2007 est.)
Imports: $29.91 billion (2007 est.)
FDI: $40.16 billion (2007 est.)
FDI abroad: $3.97 billion (Sept, 2007)

Kazakhstan's economy grew by 8.5% in 2007. Gross domestic product (GDP) grew 10.7% in 2006, 9.7% in 2005, 9.6% in 2004, 9.2% in 2003, and 9.5% in 2002.
Kazakhstan's monetary policy has been largely well managed. However, in 2007, rapid increases in global commodity prices helped push inflation rates as high as 18.8%. Prior to this, inflation had remained relatively steady at 9.5%, up from 8.4% in 2006. Inflation from 2002-2004 was 6.6%, 6.8%, and 6.7%, respectively. Because of its strong macroeconomic performance and financial health, Kazakhstan became the first former Soviet republic to repay all of its debt to the International Monetary Fund (IMF) in 2000, 7 years ahead of schedule. In March 2002, the U.S. Department of Commerce graduated Kazakhstan to market economy status under U.S. trade law. The change in status recognized substantive market economy reforms in the areas of currency convertibility, wage rate determination, openness to foreign investment, and government control over the means of production and allocation of resources.
Kazakhstan has made good progress in introducing the necessary legal and business framework for a market economy, including price liberalization. Privatization is also well advanced. Considerable foreign participation is encouraging the development of good corporate governance. The country is also the first in the CIS to try to convert its current pension system into a fully funded system.
The country is helped considerably by substantial reserves of oil and gas and commercial deposits of most of the elements in the periodic table. Economically it therefore has great potential. Difficulties with basic infrastructure including pipeline routes make realizing this potential more problematic.
Kazakhstan is facing a number of environmental challenges, including industrial pollution, land degradation and desertification, and the nuclear heritage of the Semipalatinsk polygon. However, significant improvements have occurred in the environmental situation in the Northern Aral Sea area, which were achieved with the construction of the Northern Aral Sea dam, Syrdarya River regulation, and the initial revival of the Northern Aral Sea.

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