Kazakhstan Economy


Kazakhstan possess abundant commercially valuable natural resources like fossil fuel reserves and metals. Principal Kazakhstani exports include metals, oil and grain. GDP growth is 8.5%. The unit of currency is Tenge.

Kazakhstan is the biggest economy in Central Asia. The nation possess considerable metals and minerals reserves. The central Asian country also possess substantial fossil fuel reserves. The immense steppe lands exhibit prime agricultural potential. South Kazakhstan is known for its walnut and apple production. Kazakhstan's economic outlook depends upon the extraction and subsequent processing of these natural resources.

The middle to end 1990s saw rapid privatization of Kazakhstani government resources. Oil exports from the country received a boost by the signing of Caspian Pipeline Consortium in 1996. A new pipeline was constructed linking the country's Tengiz Field to the Bl

ack Sea.

Kazakhstan's economy is efficiently managed. Inflation is kept at 10.8% (consumer prices). GDP with respect to purchasing power parity was $168.2 billion in 2007. GDP growth rate is computed to be 8.5%. GDP per capita is $11,000 (2007). Services form the biggest component of the GDP pie with 54.8%, followed by industry (39.4%) and agriculture (5.8%). Unemployed persons consist of 7.3% of the working population. Service industries are the biggest employers with 49.8% of total population. approximately 13.8% of the total population lives below poverty line.

Foreign investment plays a vital role in the economy of Kazakhstan and comprise 30.3% of total GDP. Principal export commodities include chemicals, grain, machinery, ferrous materials, chemicals, oil and its associated products. Main export markets are China (15.6%) and Germany (11.5%). Total exports was $48.35 billion in 2007. Kazakhstan exported oil to the tune of1 million bbl/day in 2007.

Kazakhstan imported $33.21 billion worth of goods in 2007. Main import goods were metal products, foodstuffs and machinery. The banking system of Kazakhstan is similar to those found in Central Europe.