s resilience to volatility in commodity prices or shifts in market risk appetite.
Kazakhstan Economy Profile 2012
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, and from 2000 through 2007, Kazakhstan's economy grew more than 9% per year. Extractive industries, particularly hydrocarbons and mining, have been the engines of this growth. However, geographic limitations and decaying infrastructure present serious obstacles. Landlocked, with restricted access to the high seas, Kazakhstan relies on its neighbors to export its products, especially oil and gas. Although its Caspian Sea ports and rail lines carrying oil have been upgraded, civil aviation has been neglected. Telecoms are improving, but require considerable investment, as does the information technology base. Supply and distribution of electricity can be erratic. 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. In response to the crisis, Kazakhstan's government devalued the tenge (Kazakhstan's currency) to stabilize market pressures and injected $19 billion in economic stimulus. Rising commodity prices have helped revive Kazakhstan's economy, which registered 7% growth in 2010. Barring a dramatic decline in oil prices, strong growth is expected to continue in 2011. 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.
GDP (purchasing power parity)
$196.4 billion (2010 est.)
$183.6 billion (2009 est.)
$181.4 billion (2008 est.) : data are in 2010 US dollars
GDP (official exchange rate)
$138.4 billion (2010 est.)
GDP - real growth rate
7% (2010 est.)
.2% (2009 est.)
.2% (2008 est.)
GDP - per capita (PPP)
$12,700 (2010 est.)
$11,900 (2009 est.)
$11,800 (2008 est.) : data are in 2010 US dollars
GDP - composition by sector
agriculture: 5.4% : 42.8% : 51.8% (2010 est.)
Population below poverty line
8.2% (2009)
Labor force
8.611 million (2010 est.)
Labor force - by occupation
agriculture: 28.2% : 18.2% : 53.6% (2010)
Unemployment rate
5.8% (2010 est.)
.6% (2009 est.)
Unemployment, youth ages 15-24
total: 6.7% : 6.8% : 8.2% (2008)
Household income or consumption by percentage share
lowest 10%: 3.8% 10%: 25.2% (2007 est.)
26.7 (2009)
.5 (2003)
Investment (gross fixed)
25.2% of GDP (2010 est.)
Budget
revenues: $29.18 billion : $32.77 billion (2010 est.)
Taxes and other revenues
21.1% of GDP (2010 est.)
Budget surplus (+) or deficit (-)
-2.6% of GDP (2010 est.)
Public debt
15.5% of GDP (2010 est.)
.5% of GDP (2009 est.)
Inflation rate (consumer prices)
7.1% (2010 est.)
.3% (2009 est.)
Central bank discount rate
4.25% (31 December 2010 est.)
% (31 December 2009 est.)
Commercial bank prime lending rate
8.161% (31 December 2010 est.)
.757% (31 December 2009 est.)
Stock of narrow money
$21.3 billion (31 December 2010 est.)
$16.58 billion (31 December 2009 est.)
Stock of money
$16.12 billion (31 December 2008)
$12.74 billion (31 December 2007)
Stock of quasi money
$35.76 billion (31 December 2008)
$25.75 billion (31 December 2007)
Stock of broad money
$66.23 billion (31 December 2010 est.)
$52.58 billion (31 December 2009 est.)
Stock of domestic credit
$67.2 billion (31 December 2010 est.)
$62.65 billion (31 December 2009 est.)
Market value of publicly traded shares
$60.74 billion (31 December 2010)
$57.66 billion (31 December 2009)
$31.08 billion (31 December 2008)
Agriculture - products
grain (mostly spring wheat), cotton; 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
10% (2010 est.)
Electricity - production
75.61 billion kWh (2009 est.)
Electricity - production by source
fossil fuel: 84.3% : 15.7% : 0% : 0% (2001)
Electricity - consumption
77.9 billion kWh (2009 est.)
Electricity - exports
2.483 billion kWh (2008 est.)
Electricity - imports
1.94 billion kWh (2009 est.)
Oil - production
1.61 million bbl/day (2010 est.)
Oil - consumption
249,000 bbl/day (2010 est.)
Oil - exports
1.501 million bbl/day (2009 est.)
Oil - imports
172,500 bbl/day (2009 est.)
Oil - proved reserves
30 billion bbl (1 January 2011 est.)
Natural gas - production
35.61 billion cu m (2009 est.)
Natural gas - consumption
Natural gas - exports
9.9 billion cu m (2009 est.)
Natural gas - imports
6.1 billion cu m (2009 est.)
Natural gas - proved reserves
2.407 trillion cu m (1 January 2011 est.)
Current Account Balance
$4.319 billion (2010 est.)
$4.221 billion (2009 est.)
Exports
$60.84 billion (2010 est.)
$43.93 billion (2009 est.)
Exports - commodities
oil and oil products 59%, ferrous metals 19%, chemicals 5%, machinery 3%, grain, wool, meat, coal
Exports - partners
China 20.2%, Germany 9.1%, Russia 8.5%, France 7.1%, Turkey 4.5%, Canada 4.5%, Italy 4.1% (2010)
Imports
$31.96 billion (2010 est.)
$28.96 billion (2009 est.)
Imports - commodities
machinery and equipment, metal products, foodstuffs
Imports - partners
Russia 34.3%, China 27.7%, Germany 5.2%, Ukraine 4% (2010)
Reserves of foreign exchange and gold
$28.27 billion (31 December 2010 est.)
$23.22 billion (31 December 2009 est.)
Debt - external
$124.1 billion (30 June 2011 est.)
$95.91 billion (31 December 2010 est.)
Stock of direct foreign investment - at home
$79.13 billion (31 December 2010 est.)
$69.17 billion (31 December 2009 est.)
Stock of direct foreign investment - abroad
$13.76 billion (31 December 2010 est.)
$5.958 billion (31 December 2009 est.)
Exchange rates
tenge (KZT) per US dollar -
.28 (2010)
.5 (2009)
.25 (2008)
.55 (2007)
.09 (2006)