NationMaster - Encyclopedia: Economy of Kazakhstan

Kazakhstan is the largest nation and economy in Central Asia, and the ninth largest nation by area in the world. It possesses enormous fossil fuel reserves as well as minerals and metals. It also has considerable agricultural potential with its vast steppe lands accommodating both livestock and grain production, as well as developed space infrastructure, which took over all launches to the International Space Station from the Space Shuttle. The mountains in the south are important for apples and walnuts; both species grow wild there. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources and also on a relatively large machine building sector specializing in construction equipment, tractors, agricultural machinery, and some military items. The breakup of the USSR and the collapse of demand for Kazakhstan's traditional heavy industry products have resulted in a sharp contraction of the economy since 1991, with the steepest annual decline occurring in 1994. In 1995-97 the pace of the government program of economic reform and privatization quickened, resulting in a substantial shifting of assets into the private sector. The December 1996 signing of the Caspian Pipeline Consortium agreement to build a new pipeline from western Kazakhstan's Tengiz Field to the Black Sea increases prospects for substantially larger oil exports in several years. Kazakhstan's economy turned downward in 1998 with a 2.5% decline in GDP growth due to slumping oil prices and the August financial crisis in Russia. A bright spot in 1999 was the recovery of international petroleum prices, which, combined with a well-timed tenge devaluation and a bumper grain harvest, pulled the economy out of recession. Tenge is the monetary unit of Kazakhstan. ... Member state Associate member Headquarters Minsk, Belarus Working language Russian Type Commonwealth Membership 11 member states 1 associate member Leaders - Executive Secretary Sergei Lebedev Establishment December 21, 1991 Website http://cis. ... Flag of EURASEC The Eurasian Economic Community (EURASEC or EAEC) was put into motion on the 10th October 2000 when Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan signed the treaty. ... Map of the ECO member states The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. ... Membership 6 member states 4 observer states Headquarters Secretariat RATS - Beijing - Tashkent Working languages Chinese, Russian Secretary General Zhang Deguang Formation 14 June 2001 Official website http://www. ... 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Current GDP per capita shrank by 26% in the Nineties. However since 2000, Kazakhstan's economy grew sharply, aided by increased prices on world markets for Kazakhstan's leading exports--oil, metals and grain. GDP grew 9.6% in 2000, up from 1.7% in 1999. Since 2001, GDP has been among the highest in the world. In 2006, extremely high GDP growth had been sustained, and grew by 10.6%.^[5]. Business with booming Russia and China, as well as neighboring CIS nations have helped to propel this amazing growth. The increased economic growth also led to a turn-around in government finances, with the budget moving from a cash deficit of 3.7% of GDP in 1999 to 0.1% surplus in 2000. International reserves swelled to $37.63 billion by April 17, 2007.^[6] Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ...

Macro-economic trend

This is a chart of trend of gross domestic product of Kazakhstan at market prices estimated by the International Monetary Fund with figures in millions of Kazakhstani Tenges.

For purchasing power parity comparisons, the US Dollar is exchanged at 59.95 Tenges only.

Kazakhstan's monetary policy has been well-managed. Its principal challenges in 2001 are to manage strong foreign currency inflows without sparking inflation. Inflation has, in fact, stayed under control, registering 9.8% in 2000, and appears likely to be under 10% in 2001. Because of its strong economic performance and financial health, Kazakhstan became the first former Soviet republic to repay all of its debt to the IMF by paying back $400 million in 2000; 7 years ahead of schedule. Overall foreign debt is about $12.5 billion, $4 billion of which is owed by the government. This amounts to 69% of GDP, well within manageable levels. The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ...

The upturn in economic growth, combined with the results of earlier tax and financial sector reforms, dramatically improved government finances from the 1998 budget deficit level of 4.2% of GDP to a slight surplus in 2000. Government tax revenues grew from 16.4% of GDP in 1999 to 20.6% of GDP in 2000. In 2000, Kazakhstan adopted a new Tax Code in an effort to consolidate these gains. Its strong financial position also allowed the government to reduce the value-added tax (VAT) from 20% to 16% and reduce social (payroll) taxes as of July 2001. Kazakhstan's stronger budget position and strong export earnings earned it credit ratings upgrades from Moody's, S&P, and Fitch during 2001. Moodys Corporation (NYSE: MCO) is the holding company for Moodys Investors Service which performs financial research and analysis on commercial and government entities. ... Publications Standard & Poors publishes a weekly (48 times a year) stock market analysis newsletter called The Outlook, which is issued both in print and online to subscribers. ... Fitch Ratings, Ltd. ...

Kazakhstan instituted an ambitious pension reform program in 1998. By July 2001, Kazakhstanis had contributed more than $1 billion to their own personal pension accounts, most of which is managed by the private sector. The National Bank oversees and regulates the pension funds. The pension funds' growing demand for quality investment outlets triggered rapid development of the debt securities market. Pension fund capital is being invested almost exclusively in corporate and government bonds, including Government of Kazakhstan Eurobonds. The Kazakhstani banking system is developing rapidly. Banking systems capitalization now exceeds $1 billion. The National Bank has introduced deposit insurance in its campaign to strengthen the banking sector. Several major foreign banks have branches in Kazakhstan, including ABN AMRO, Citibank, and HSBC. Kazakhstan is also a member of the Economic Cooperation Organization (ECO). ABN AMRO (Euronext: AAB, NYSE: ABN) was in the period of 1991 till 2007 one of the largest banks in Europe and had operations in about 63 countries around the world. ... Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... For other uses, see HSBC (disambiguation). ... Map of the ECO member states The Economic Cooperation Organization (ECO) is an intergovernmental international organization involving ten Asian nations. ...

Mining

Oil and gas is the leading economic sector. In 2000, Kazakhstan produced 35,252,000 metric tons of oil (700,000 barrels per day), a 17.4% increase over 1999's 30,025,000 tons. It exported 28,883,000 tons of oil in 2000, up 38.8% from 20,813,000 tons in 1999. Production in 2001 has been growing at roughly 20%, on target to meet the government's forecast of 40,100,000 tons of oil (800,000 barrels per day). In 2000, production reached 11.5 km³ of natural gas, up from 8.2 km³ in 1999. Kazakhstan owns large reserves of energy resources, and therefore the energy policy of Kazakhstan has influence over the worlds overall energy supply. ...

Kazakhstan has the potential to be a world-class oil exporter in the medium term. The landmark foreign investment in Kazakhstan is the TengizChevroil joint venture, owned 50% by ChevronTexaco, 25% by ExxonMobil, 20% by the Government of Kazakhstan, and 5% by Lukarco of Russia. The Karachaganak natural gas and gas condensate field is being developed by BG, Agip, ChevronTexaco, and Lukoil. The Agip-led Offshore Kazakhstan Consortium has discovered potentially huge Kashagan oil field in the northern Caspian. Kazakhstan's economic future is linked to oil and gas development. GDP growth will depend on the price of oil, as well as the ability to develop new deposits. Tengizchevroil is a joint venture between ChevronTexaco, (who recently changed the name back to Chevron), ExxonMobil, Lukarco and the Republic of Kazakhstan. ... ChevronTexaco Corporation ( NYSE: CVX) is one of the worlds largest global energy companies. ... For other uses, see Exon (disambiguation). ... Karachaganak Field is a gas condensate field in Kazakhstan. ... BG Group Plc (LSE: BG.) is an energy production and distribution company which has its headquarters in Reading outside London, England. ... The six-legged dog, seen on filling stations all over Italy was the winning design from a competition held in 1952 [1] Agip (Azienda Generale Italiana Petroli) is an Italian automotive gasoline and diesel retailer. ... LUKOIL (RTS:LKOH LSE: LKOD NASDAQ: LUKOY) (Russian: ; pronounced Luke-Oil) is Russias largest oil company and its largest producer of oil. ... The six-legged dog, seen on filling stations all over Italy was the winning design from a competition held in 1952 [1] Agip (Azienda Generale Italiana Petroli) is an Italian automotive gasoline and diesel retailer. ... Kashagan Field is an oil field located in Kazakhstan. ...

Kazakhstan is the third country in the world for uranium production volumes, and it owns the world second biggest uranium reserves after Australia.^[1]

Trade

Sherin Suzhikova, Counselor of Kazakhstan's Chamber of Commerce and Industry and Chao yon-chuan, Secretary-General of the Taiwan External Trade Development Council, signed an agreement on 13 October 2006 in Taipei to improve economic relations through "exchanges of market information and visits by trade professionals." TAITRA has an office in Almaty, Kazakhstan.^[2] Image File history File links Size of this preview: 800 Ã— 351 pixelsFull resolutionâ€Ž (1,425 Ã— 625 pixels, file size: 60 KB, MIME type: image/png) This bubble map shows the global distribution of Kazakhstani exports in 2006 as a percentage of the top market (Germany - $3,716,770,000). ... Image File history File links Size of this preview: 800 Ã— 351 pixelsFull resolutionâ€Ž (1,425 Ã— 625 pixels, file size: 60 KB, MIME type: image/png) This bubble map shows the global distribution of Kazakhstani exports in 2006 as a percentage of the top market (Germany - $3,716,770,000). ... is the 286th day of the year (287th in leap years) in the Gregorian calendar. ... Nickname: Coordinates: , Country Region City seat Xinyi District (ä¿¡ç¾©å€) Government - Mayor Hau Lung-bin (KMT)1 E9 Area - City 271. ... Map showing Almatys location in Kazakhstan Almaty Orthodox church Mosque Almaty (ÐÐ»Ð¼Ð°Ñ‚Ñ‹; formerly known as Alma-Ata, also Vernyj, Vyernyi (Ð’ÐµÑ€Ð½Ñ‹Ð¹) in Imperial Russia) is the largest city in Kazakhstan, with a population of 1,185,900 (2004) (8% of the population of Kazakhstan) citizens. ...

North Dakotan Lieutenant Governor Jack Dalrymple led an 18-member delegation of the North Dakota Trade Office representing seven North Dakota companies and Dickinson State University on a trip to Kazakhstan, Ukraine and Russia from 22 October to 4 November. Governor John Hoeven said the trip is "part of a larger effort to increase North Dakota's export volume." North Dakota's "total export value is growing at a rate of nearly 18% a year, and companies working with the trade office are seeing export sales grow at an even higher rate."^[3] Official language(s) English Capital Bismarck Largest city Fargo Area Ranked 19th - Total 70,762 sq mi (183,272 kmÂ²) - Width 210 miles (340 km) - Length 340 miles (545 km) - % water 2. ... Jack Dalrymple (born October 16, 1948) in Casselton, North Dakota, is the current and 35th lieutenant governor of North Dakota. ... is the 295th day of the year (296th in leap years) in the Gregorian calendar. ... is the 308th day of the year (309th in leap years) in the Gregorian calendar. ... John Henry Hoeven III (born March 13, 1957), is a North Dakota banker and Republican politician who is most well known for his current tenure as the Governor of North Dakota. ...

North Dakota Trade Office Executive Director Susan Geib said, "Agricultural and industrial equipment is in high demand in Kazakhstan, Ukraine and Russia." North Dakota exports mostly machinery to Kazakhstan, the eighth largest destination for North Dakotan exports. North Dakota machinery exports amounted to only $22,000 in 2000, but rose to $25 million in 2005.^[3]

Contents

Macro-economic trend

Mining

Trade

See also

References

External links

Contents

Macro-economic trend var ACE_AR = {Site: '756743', Size: '300250'};

Mining

Trade

See also

References

External links

Macro-economic trend