"In recent years Kazakhstan's economy has been growing at one of the highest paces among the CIS member states: in 2003 its GDP grew by 9.2%, in the first quarter of 2004 by 9%," Kazakh Economy and Budget Planning Minister Kairat Kelimbetov said at today's government session.
According to him, "the GDP growth in the first quarter was ensured by a growth in the industry by 9.3%, in the agriculture by 5.7%, in investment in fixed assets by 16.4%, in transport by 7.2%, while the index of consumer prices in March 2004 against December 2003 was 101.5%".
Prices of food products grew by 2.6%, of other products by 0.3%, of paid services by 0.7%, the minister reported.
When describing development of the Kazakh economy, Kelimbetov admitted that such pace was mainly due to good business environment for the country's main export goods. "The situation on the global commodity markets remains favorable for Kazakhstan," he said. For example, "due to the growing foreign demand, prices for oil , ferrous and non-ferrous metals continued rising".
According to the republic's statistics agency, in January-February 2004 the country's exports amounted to $2,587.8 million (an increase of 23% against the same period last year), imports to $1,583.3 million (an increase of 74%).
"The significant surplus of the trade balance allows us to maintain stability on the currency market and to make necessary payments to service our foreign debt," the minister pointed out.
Kazakhstan's international reserves, including the National fund, have amounted to $9,432.9 million. In the first quarter of 2004 its currency, tenge, grew by 3.1% against the US dollar.
