Kazakh National Economy Ministry: Results of 2017

Kazakh National Economy Ministry: Results of 2017

Kazakhstan's economy has become stronger and more diverse, the Kazakh National Economy Ministry concluded in 2017. Kazakhstan also saw a positive growth in foreign trade on all key indicators. On average, the country’s GDP grew 4%. According to the results of the reporting period, the macroeconomic indicators for the current year will be updated taking into account the oil prices. Also, the department indicated that one of the priorities for 2018 will be to ensure the country's macroeconomic stability.

RUSLAN DALENOV, KAZAKH FIRST VICE MINISTER OF NATIONAL ECONOMY:

- First, we had planned a budget based on a forecast of the oil price at U.S. $45 per barrel. Today, the price is slightly over U.S. $60 per barrel, and the UN consensus forecast of the World Bank, the IMF varies in the region of $58. We now choose which real projected price to put in the budget for this year. Another point is that exports have grown stronger, most likely there will be additional increases in exports. The industry has grown stronger, too, the industrial parameters will change in the direction of increase.

Experts forecast that Kazakhstan will increase exports to world markets in 2018. To date, negotiations on free trade agreements with Iran and on trade and economic cooperation with China have been completed. Active negotiations are ongoing with Israel, Serbia and India. The total volume of export supplies from Kazakhstan increased almost 32% in 2017 and amounted to U.S. $43 billion. Vice Minister of National Economy, Baurzhan Bekeshev commented on digitalization of the economies of the Eurasian Economic Union member states. These measures, according to the official, will allow expanding access to the markets of other countries.

BAURZHAN BEKESHEV, KAZAKH VICE MINISTER OF NATIONAL ECONOMY:

- The use of the EAEU platform allows expanding access to the markets of other countries for goods made in Kazakhstan through mutually beneficial trade agreements. For example, we concluded a free trade agreement with Vietnam in 2015. It came into power in 2017.  Our exports grew almost 20 times and reached $274 million. Negotiations on free trade with Iran and on trade cooperation with China have been completed.