The IMF revised its forecast for Kazakhstan’ GDP this year. According to the IMF Head of Mission Mark Horton, Kazakhstan’s GDP is forecast to grow 2.5% in 2017. The largest financial institute considers Kazakhstan’s anti-crisis program successful and expects the economic growth to pick up pace in the medium term. Despite the unfavorable external conditions, Kazakhstan was able to cope with the challenges, Horton said. Government measures to support the economy have been effective. "Nurly Zhol" and "100 concrete steps" programs have allowed successfully launch of a number of new industries. Mark Horton also highlighted the positive impact of the Kazakh National Bank’s monetary and exchange rate policies.

MARK HORTONIMF MISSION CHIEF FOR KAZAKHSTAN:

We have increased that because of higher prices and higher production. We’ve seen increases in growth rates for Russia and for some of the other economies. So, we do expect to do this work continually either quarterly of half-yearly we are revising growth figures up or in some cases down if there is a weakening in the process. So in this case we are revising our estimates upwards for oil exporters.

Kazakh analysts say the main drivers of the country’s economic growth in 2016 were the construction sector, agriculture, transport and manufacturing industries. Kazakhstan's GDP grew by 1% last year. A number of factors affected this positive trend: firstly, the launch of oil production at Kashagan field in September this year, it was planned to produce 75 million tons of oil but in fact 79 million tons of oil was produced; secondly, the record number of residential buildings was constructed last year – 10 million square meters instead of the planned 7.7 million.

BAUYRZHAN TURLYBEKOV, HEAD OF MACROECONOMIC ANALYSIS AND MONITORING DEPARTMENT:

As for the financial and monetary sector, 1.4 percent growth in lending to 12.9 trillion tenge is crucial here. Deposit accounts have grown significantly.

According to Kazakhstan’s analysts, Kazakhstan’s economic growth will reach 3%, and the volume of industrial production will grow 2%.

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