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Kazakhstan Economy: from the All Country Info reference guide to country facts

Kazakhstan Economy

Kazakhstan Economy: A summary of information about Kazakhstan Economy, from government research data as well as independent research and other sources.

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Kazakhstan: Economy

Economy - overview
Kazakhstan, the second largest of the former
Soviet republics in territory, possesses enormous untapped fossil fuel
reserves as well as plentiful supplies of other minerals and metals.
It also has considerable agricultural potential with its vast steppe
lands accommodating both livestock and grain production. Kazakhstan's
industrial sector rests on the extraction and processing of these
natural resources and also on a relatively large machine building
sector specializing in construction equipment, tractors, agricultural
machinery, and some defense items. The breakup of the USSR and the
collapse of demand for Kazakhstan's traditional heavy industry
products have resulted in a sharp contraction of the economy since
1991, with the steepest annual decline occurring in 1994. In 1995-97
the pace of the government program of economic reform and
privatization quickened, resulting in a substantial shifting of assets
into the private sector. The December 1996 signing of the Caspian
Pipeline Consortium agreement to build a new pipeline from western
Kazakhstan's Tengiz oil field to the Black Sea increases prospects for
substantially larger oil exports in several years. Kazakhstan's
economy turned downward in 1998 with a 2.5% decline in GDP growth due
to slumping oil prices and the August financial crisis in Russia. A
bright spot in 1999 was the recovery of international oil prices,
which, combined with a well-timed tenge devaluation and a bumper grain
harvest, pulled the economy out of recession.
GDP
purchasing power parity - $54.5 billion (1999 est.)
GDP - real growth rate
1.7% (1999 est.)
GDP - per capita
purchasing power parity - $3,200 (1999 est.)
GDP - composition by sector
agriculture: 10%
industry: 30%
services: 60% (1999 est.)
Population below poverty line
35% (1999 est.)
Household income or consumption by percentage share
lowest 10%: 3.1%
highest 10%: 24.9% (1993)
Inflation rate (consumer prices)
8.3% (1999 est.)
Labor force
8.8 million (1997)
Labor force - by occupation
industry 27%, agriculture and forestry
23%, other 50% (1996)
Unemployment rate
13.7% (1998 est.)
Budget
revenues: $3.1 billion
expenditures: $3.6 billion, including capital expenditures of $NA
(1999 est.)
Industries
oil, coal, iron ore, manganese, chromite, lead, zinc,
copper, titanium, bauxite, gold, silver, phosphates, sulfur, iron and
steel, nonferrous metal, tractors and other agricultural machinery,
electric motors, construction materials
Industrial production growth rate
2.2% (1998 est.)
Electricity - production
49.299 billion kWh (1998)
Electricity - production by source
fossil fuel: 87.73%
hydro: 12.07%
nuclear: 0.2%
other: 0% (1998)
Electricity - consumption
48.822 billion kWh (1998)
Electricity - exports
400 million kWh (1998)
Electricity - imports
3.374 billion kWh (1998)
Agriculture - products
grain (mostly spring wheat), cotton; wool,
livestock
Exports
$5.2 billion (1999 est.)
Exports - commodities
oil 40%, ferrous and nonferrous metals,
machinery, chemicals, grain, wool, meat, coal
Exports - partners
EU 32%, China 29%, Russia 29% (1998)
Imports
$4.8 billion (1999 est.)
Imports - commodities
machinery and parts, industrial materials, oil
and gas, vehicles
Imports - partners
Russia 39%, Ukraine, US, Uzbekistan, Turkey, UK,
Germany, South Korea (1998)
Debt - external
$7.9 billion (1999 est.)
Economic aid - recipient
$409.6 million (1995)
Currency
1 Kazakhstani tenge = 100 tiyn
Exchange rates
tenges per US$1 - 139.02 (January 2000), 119.52
(1999), 78.30 (1998), 75.44 (1997), 67.30 (1996), 60.95 (1995)
Fiscal year
calendar year
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