Page last updated on February 5, 2013
Economy - overview:
Kazakhstan, geographically the largest of the former Soviet republics, excluding Russia, possesses enormous fossil fuel reserves and plentiful supplies of other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. In 2002 Kazakhstan became the first country in the former Soviet Union to receive an investment-grade credit rating. Extractive industries have been and will continue to be the engine of Kazakhstan's growth, although the country is aggressively pursuing diversification strategies. Landlocked, with restricted access to the high seas, Kazakhstan relies on its neighbors to export its products, especially oil and grain. Although its Caspian Sea ports, pipelines, and rail lines carrying oil have been upgraded, civil aviation and roadways continue to need attention. Telecoms are improving, but require considerable investment, as does the information technology base. Supply and distribution of electricity can be erratic because of regional dependencies, but the country is moving forward with plans to improve reliability of electricity and gas supply to its population. At the end of 2007, global financial markets froze up and the loss of capital inflows to Kazakhstani banks caused a credit crunch. The subsequent and sharp fall of oil and commodity prices in 2008 aggravated the economic situation, and Kazakhstan plunged into recession. While the global financial crisis took a significant toll on Kazakhstan's economy, it has rebounded well, helped by prudent government measures. GDP increased 7.5% year-on-year in 2011, and 5.5% in 2012. Rising commodity prices have helped the recovery. Despite solid macroeconomic indicators, the government realizes that its economy suffers from an overreliance on oil and extractive industries, the so-called "Dutch disease." In response, Kazakhstan has embarked on an ambitious diversification program, aimed at developing targeted sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing. In 2010 Kazakhstan joined the Belarus-Kazakhstan-Russia Customs Union in an effort to boost foreign investment and improve trade relationships and is planning to accede to the World Trade Organization in 2013.
GDP (purchasing power parity):
$232.3 billion (2012 est.)
country comparison to the world: 53
$220.3 billion (2011 est.)
$204.9 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$200.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5.5% (2012 est.)
country comparison to the world: 49
7.5% (2011 est.)
7.3% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$13,900 (2012 est.)
country comparison to the world: 93
$13,200 (2011 est.)
$12,500 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 5.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
37.9%
services:
56.9% (2011 est.)
Labor force:
8.973 million (2012 est.)
country comparison to the world: 53
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 25.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
11.9%
services:
62.2% (2010 est.)
Unemployment rate:
5.3% (2012 est.)
country comparison to the world: 52
5.4% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
8.2% (2009 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
23.8% (2009 est.)
Distribution of family income - Gini index:
26.7 (2009)
country comparison to the world: 128
31.5 (2003)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
21.6% of GDP (2012 est.)
country comparison to the world: 76
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $43.08 billion
[see also: Budget revenues country ranks ]
expenditures:
$48.04 billion (2012 est.)
Taxes and other revenues:
21.5% of GDP (2012 est.)
country comparison to the world: 148
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-2.5% of GDP (2012 est.)
country comparison to the world: 89
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
15.5% of GDP (2012 est.)
country comparison to the world: 134
12.6% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
5.2% (2012 est.)
country comparison to the world: 142
8.3% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
7.5% (31 December 2011 est.)
country comparison to the world: 87
4.25% (31 December 2010 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
6.3% (31 December 2012 est.)
country comparison to the world: 134
6.71% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$27.55 billion (31 December 2012 est.)
country comparison to the world: 61
$26 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$65.71 billion (31 December 2011 est.)
country comparison to the world: 65
$57.51 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$75.55 billion (31 December 2012 est.)
country comparison to the world: 59
$75.12 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$43.3 billion (31 December 2011)
country comparison to the world: 51
$60.74 billion (31 December 2010)
$57.66 billion (31 December 2009)
[see also:
Market value of publicly traded shares 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:
3.4% (2011 est.)
country comparison to the world: 91
[see also: Industrial production growth rate country ranks ]
Current account balance:
$12.69 billion (2012 est.)
country comparison to the world: 25
$14.11 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$88.61 billion (2012 est.)
country comparison to the world: 43
$88.47 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
oil and oil products 59%, ferrous metals 19%, chemicals 5%, machinery 3%, grain, wool, meat, coal
Exports - partners:
China 21.7%, France 9.4%, Germany 8.3%, Russia 5.3%, Italy 5.2%, Canada 4.5%, Romania 4.5% (2011)
Imports:
$42.82 billion (2012 est.)
country comparison to the world: 58
