FITCH FORECASTS KAZAKHSTAN'S GDP GROWTH IN 2012 AT 5%
Almaty. May 15. Interfax-Kazakhstan - Fitch Ratings expects Kazakhstan's economy to grow 5% in 2012, says Charles Seville, director in Fitch's sovereign team.
"The oil revenues will contribute only 1% to the real GDP growth," he said at the 6th Annual Conference of Fitch Ratings on Tuesday for Kazakhstan in Almaty.
"The extractive industry is not growing as rapidly as the non-resource sector," added Seville.
As reported, Kazakhstan's GDP in January-March 2012 grew 5.6%, while in 2011 the growth was 7.5%.
The Ministry of Economic Development and Trade forecast economic growth in 2012 at 6%. The IMF recently raised its forecast for GDP growth in 2012 from 5.9% to 6%. ESCAP expects Kazakhstan's economic growth in the current year to reach 6.2%.