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Kazakhstan’s GDP growth in 2008 to match earlier forecasts

Astana, May 16, 2008

Interfax-Kazakhstan - Kazakhstan’s GDP growth in 2008 is expected at 5.3%, Ministry of Economy and Budget Planning announced.

"According to the amended estimates, the pace of GDP growth in 2008 is expected at 5.3%, which match the earlier forecasts of 5%-7% revealed in a joint statement of the National Bank, FSA and the government earlier this year,”Economics and Budget Planning Minister Bakhyt Sultanov said at Friday's Cabinet meeting.

He, however, noted that the absolute GDP projection in 2008 has been increased by 391.2 bl tenge.

"An outstripping growth of gross added value in the oil sector, in our opinion, will cause an increase in nominal GDP by 391.2 bl tenge above the projected figure to 15.64 trln tenge," he said.

"Export revenue projections, mostly due to the rise in oil prices, will be adjusted by $7.1 bl up and total $57.3 bl (in 2007 - $48.3 bl)," Sultanov said.

Commodity imports forecasts, due to a slowdown in lending-dependable sector and the related economic sectors decreased by $4.2 bl and now totals $39.3 bl (in 2007 - $33.2 bl).

In general, the positive impact on the Kazakhstan’ dynamics in economy is caused by rise in oil prices and other export commodities.

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