GDP growth for 2016 is estimated at 0.5%

According to new forecast of social and economic development for 2016, this year the GDP growth in Kazakhstan will amount to 0.5% at oil price $ 30 per barrel and the exchange rate 360 tenge per US dollar, Minister of National Economy of the RK Yerbolat Dossayev has said today in the Government.

"At the last government meeting we adopted new forecast of socio-economic development of the country for 2016. It involves changing the following parameters: current rate is changed from 300 tenge to 360 tenge, we will change the average annual price of oil - we are reducing it in accordance with the forecasts of international financial organizations, investment banks from 40 to 30 dollars per barrel," the minister said.

Dossayev noted that according to the forecasts, in the current year the GDP growth in Kazakhstan at price $ 30 per barrel will amount to 0.5%.

"In accordance with this, we are changing the forecasts related to economic growth, if oil price is $ 40, the GDP growth is supposed to be at 2.1%, we expect that the conservative scenario of the GDP growth this year at a price of $ 30 per barrel will amount to 0.5%. But we are still in positive territory, " the minister added.