Kazakhstan Economy 2018, CIA World Factbook
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Kazakhstan Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Kazakhstan Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Kazakhstan, geographically the largest of the former Soviet republics, excluding Russia, possesses substantial fossil fuel reserves and other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. The government realizes that its economy suffers from an overreliance on oil and extractive industries and has made initial attempts to diversify its economy by targeting sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing for greater development and investment.Kazakhstan's vast hydrocarbon and mineral reserves form the backbone of its economy. Chevron-led Tengizchevroil announced a $36.8 billion expansion of Kazakhstan’s premiere Tengiz oil field in July 2016. Meanwhile, the super-giant Kashagan field finally launched production in October 2016 after years of delay and an estimated $55 billion in development costs.Kazakhstan is landlocked and depends on Russia to export its oil to Europe. It also exports oil directly to China. In 2010, Kazakhstan joined Russia and Belarus to establish a Customs Union in an effort to boost foreign investment and improve trade. The Customs Union evolved into a Single Economic Space in 2012 and the Eurasian Economic Union (EAEU) in January 2015. In part due to weak commodity prices, Kazakhstan’s exports to EAEU countries declined 23.5% in 2016. Imports from EAEU countries to Kazakhstan declined 13.7%.The economic downturn of its EAEU partner, Russia, and the decline in global commodity prices from 2014 to 2015 contributed to an economic slowdown in Kazakhstan, which continues to experience its slowest economic growth since the financial crises of 2008-09. In 2014, Kazakhstan devalued its currency, the tenge, and announced a stimulus package to cope with its economic challenges. In the face of further decline in the ruble, oil prices, and the regional economy, Kazakhstan announced in 2015 it would replace its currency band with a floating exchange rate, leading to a sharp fall in the value of the tenge. Since reaching a low of 391 to the dollar in January 2016, the tenge has modestly appreciated, helped by somewhat higher oil prices.Despite some positive institutional and legislative changes in the last several years, investors remain concerned about corruption, bureaucracy, and arbitrary law enforcement, especially at the regional and municipal levels. An additional concern is the condition of the country’s banking sector, which suffers from low liquidity, poor asset quality, and a lack of transparency. Investors also question the potentially negative effects on the economy of a contested presidential succession as Kazakhstan’s first president, Nursultan NAZARBAYEV, who turned 77 in 2017, has not announced whether he will seek reelection in 2019.

GDP (purchasing power parity):
$474.3 billion (2017 est.) $459 billion (2016 est.) $454.1 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 42

GDP (official exchange rate):
$156.2 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2017 est.) 1.1% (2016 est.) 1.2% (2015 est.)
country comparison to the world: 103
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$26,100 (2017 est.) $25,600 (2016 est.) $25,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 77

Gross national saving:
22.8% of GDP (2017 est.) 22.3% of GDP (2016 est.) 26.6% of GDP (2015 est.)
country comparison to the world: 66
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 12.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -30% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain (mostly spring wheat and barley), potatoes, vegetables, melons; livestock

Industries:
oil, coal, iron ore, manganese, chromite, lead, zinc, copper, titanium, bauxite, gold, silver, phosphates, sulfur, uranium, iron and steel; tractors and other agricultural machinery, electric motors, construction materials

Industrial production growth rate:
4.9% (2017 est.)
country comparison to the world: 49
[see also: Industrial production growth rate country ranks ]

Labor force:
9.147 million (2017 est.)
country comparison to the world: 54
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 61.6% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5% (2017 est.) 5% (2016 est.)
country comparison to the world: 68
[see also: Unemployment rate country ranks ]

Population below poverty line:
2.7% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 22% (2013 est.)

Distribution of family income - Gini index:
26.3 (2013) 31.5 (2003)
country comparison to the world: 141
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $34.13 billion
[see also: Budget - revenues country ranks ]
expenditures: $37.89 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
21.9% of GDP (2017 est.)
country comparison to the world: 137
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.4% of GDP (2017 est.)
country comparison to the world: 96
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
27.5% of GDP (2017 est.) 26.2% of GDP (2016 est.)
country comparison to the world: 170
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
7.3% (2017 est.) 14.6% (2016 est.)
country comparison to the world: 194
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
11% (10 April 2017) 12% (9 January 2017)
country comparison to the world: 19
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.1% (31 December 2017 est.) 15.33% (31 December 2016 est.)
country comparison to the world: 49
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$15.58 billion (31 December 2017 est.) $13.81 billion (31 December 2016 est.)
country comparison to the world: 71
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$42.11 billion (31 December 2017 est.) $37.78 billion (31 December 2016 est.)
country comparison to the world: 73
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$55.99 billion (31 December 2017 est.) $55.53 billion (31 December 2016 est.)
country comparison to the world: 64
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$744 million (31 December 2016 est.) $4.737 billion (31 December 2015 est.) $26.23 billion (31 December 2013 est.)
country comparison to the world: 109
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$8.291 billion (2017 est.) -$8.518 billion (2016 est.)
country comparison to the world: 182
[see also: Current account balance country ranks ]

Exports:
$44.11 billion (2017 est.) $37.3 billion (2016 est.)
country comparison to the world: 52
[see also: Exports country ranks ]

Exports - commodities:
oil and oil products, natural gas, ferrous metals, chemicals, machinery, grain, wool, meat, coal

Exports - partners:
Italy 20.3%, China 11.5%, Russia 9.5%, Netherlands 8.9%, Switzerland 7.3%, France 4.9% (2016)

Imports:
$31.09 billion (2017 est.) $27.87 billion (2016 est.)
country comparison to the world: 61
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, metal products, foodstuffs

Imports - partners:
Russia 36.2%, China 14.5%, Germany 5.7%, US 5.1% (2016)

Reserves of foreign exchange and gold:
$31.44 billion (31 December 2017 est.) $29.53 billion (31 December 2016 est.)
country comparison to the world: 50
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$159.2 billion (31 December 2017 est.) $163.8 billion (31 December 2016 est.)
country comparison to the world: 41
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$156.2 billion (31 December 2017 est.) $143.2 billion (31 December 2016 est.)
country comparison to the world: 35
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$34.74 billion (31 December 2017 est.) $32.74 billion (31 December 2016 est.)
country comparison to the world: 48
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
tenge (KZT) per US dollar - 326.3 (2017 est.) 342.13 (2016 est.) 342.13 (2015 est.) 221.73 (2014 est.) 179.19 (2013 est.)


NOTE: 1) The information regarding Kazakhstan on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Kazakhstan Economy 2018 information contained here. All suggestions for corrections of any errors about Kazakhstan Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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