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The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. Kazakhstan's GDP expected to contract by 3.2% in 2020 and grow by 2.8% in 2021 – ADO 2020 Update Kazakhstan's inflation rates forecasted at 7.7% in 2020 and 6.2% in 2021 – ADO 2020 Update GDP … Available data shows the services sector remained sluggish in January–September, dropping 6.1% (H1: -5.4%). Kazakhstan gdp for 2016 was $137.28B, a 25.55% decline from 2015. Its GDP based on PPP was ranked 43rd globally. 1990-2019 Data | 2020-2022 Forecast | Historical | Chart | News. GDP structure and employment •The key sectors of the Kazakh economy are trade (17.3 percent), mining (16.3 percent) including oil and gas production (13.3 percent), and manufacturing (12.7 percent) including oil refining (2.0 percent). By 2013, the GDP was $237 billion. Data provided by Kazakhstan’s Statistical Institute for H1 revealed a severe slowdown in the service sector (-5.5% Kazakhstan’s GDP growth increased by 0.1% in 1H16 as compared to a revised -0.2% in 1Q16. The decline in services (-5.4 percent) more than offset the expansion in the goods-producing sector (4.1 percent). In 2015, its economy grew by 1.2%. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Industry includes mining, manufacturing, energy production, and construction. Discussions focused on the impact of the Covid pandemic and oil price shocks, benefits and challenges of the authorities’ policy responses, and post-Covid reform priorities. Despite registering a marginal growth rate in 1H16, the economy has rebounded gradually from a contraction of 0.5% in January 2016 to achieve a small positive recovery as at June 2016. Kazakhstan's GDP grew 4.1% in real terms during the period from January to September 2014. Facts and statistics about the GDP - composition by sector of Kazakhstan. Despite registering a marginal growth rate in 1H16, the economy has rebounded gradually from a contraction of 0.5% registered in January 2016. Kassym-Jomart Tokayev won the snap presidential election in June 2019, but the former president, Nursultan Nazarbayev, remains a major force in politics. The EBRD is monitoring Kazakhstan's policy response to the coronavirus pandemic. Meanwhile, the super-giant Kashagan field finally launched production in October 2016 after years of delay and an estimated $55 billion in development costs. Data Source: World Bank The country has an estimated 30 billion barrels of oil reserves and 39 trillion cubic feet of natural gas, making it one of the top 15 countries by size of oil reserves. The recently published Kazakhstan Country Private Sector Diagnostics, by the World Bank Group’s International Finance Corporation (IFC), identified several sectors such as the agribusiness, livestock, transport and logistics sectors that have high levels of feasibility and desirability and can potentially unlock constraints to private sector development in the coming years. Source: CIA World Factbook - This page was last updated on Friday, November 27, 2020. In this regard, taking into account the long payback period, state support is needed to encourage private sector investing in renewable energy, the main advantage of which is non-depletability and environmental … Download historical data for 20 million indicators using your browser. Given the current situation, they should lend more to the businesses, especially to manufacturing sector and SMEs, which will contribute to GDP and boost employment nationally. The country’s inflation rate is 5.2% while the percentage of the population below the poverty line was 2.9% in 2013. The print came below H1’s 1.8% fall, with activity likely depressed by the imposition of a second lockdown in July–August. Kazakhstan Posts Record Current Account Gap in Q3, Kazakhstan Composite PMI Back in Contraction, Kazakhstan Inflation Rate Ticks Up to 7.1% in October, Kazakhstan Leaves Monetary Policy Unchanged, Kazakhstan GDP Contracts in Q2 as Covid-19 Bites, Kazakhstan Economy Contracts 6.3% YoY in May, Kazakhstan Manufacturing Sector Returns to Growth, Kazakhstan Industrial Production Growth Accelerates, Moody's Revises Kazakhstan Credit Outlook to Positive, Armenia Inflation Rate Rises to 1.6% in November, South Africa Stocks End at Over 10-Month High, Oil Little Changed as OPEC+ Decide on 2021 Policies. Download Historical Data Save as Image. Its nominal GDP in 2015 was $271 billion while basing on the Purchasing Power Parity (PPP) was $429 billion in the same year. In 1990, the year before Kazakhstan declared independence from the Soviet Union, the GDP was $27 billion. Country Report 2017 - Includes Kazakhstan real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector. In 2010, Kazakhstan joined Russia and Belarus to establish a Customs Union … Factbook > Countries > Kazakhstan > Economy. Kazakhstan’s total oil production in 2017 climbed 10.5%. A $36.8 billion expansion of Kazakhstan’s premiere Tengiz oil field by Chevron-led Tengizchevroil should be complete in 2022. Kazakhstan gdp growth rate for 2017 was 4.10%, a 3% increase from 2016. The GDP value of Kazakhstan represents 0.15 percent of the world economy. Learn more. Our biweekly publication identifies the major channels of disruption as well as selected impact and response indicators. 179.34B, a 21.51 % increase from 2017 2016 was 1.10 %, a 7.51 increase! The coronavirus pandemic GDP growth increased by 0.1 % decline from 2015 million indicators your... 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