Fitch forecasts 5 percent growth for Kazakh economy in 2012

ALMATY. May 16. KAZINFORM Kazakh economy could expect a growth of 5 percent in 2012, Charles Seville, director in Fitch Rating's sovereign team said Tuesday at the 6th Annual Conference of Fitch Ratings for Kazakhstan in Almaty.

"The oil revenues will contribute only 1 percent to the real GDP growth," he said.

According to him, the extractive industry is not growing as rapidly as the non-resource sector, Xinhua reports.

Kazakh economy grew 5.6 percent in the first quarter, while in 2011 the growth was 7.5 percent.

The Ministry of Economic Development and Trade has forecast an economic growth of 6 percent for 2012. The IMF recently raised its forecast from 5.9 percent to 6 percent.

Read more English.news.cn