Kazakhstan reports GDP growth at 3.4% in 9 mths

NUR-SULTAN. KAZINFORM – Kazakhstan’s GDP rose by 3.4% in the first nine months of the present year, Chairman of the National Bank of Kazakhstan Yerbolat Dossayev told a plenary session of the Majilis of Parliament, Kazinform correspondent reports.

«In nine months of the current year, Kazakhstan’s GDP growth hit 3.4%, and the average oil price is $68 per barrel. Such trend is in line with the optimistic scenario of the development of Kazakhstan’s economy. The National Bank expects the GDP growth of 3.7-4.0% by the end of 2021 given the average oil price of $70,» said Dossayev at the plenary session.

The Head of the National Bank of Kazakhstan explained that such fast recovery of global and national economies was possible thanks to the ongoing fiscal stimulation programs and loose monetary conditions.

«At the same time, these factors led to a recovery in commodity demand and considerable increase in inflationary pressure around the world. Since the beginning of the year prices have been hitting historic highs. The major economies saw inflation reach the 13-year highs, reaching up to 5.4% in the U.S. and 3.4% in the EU,» he said.

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