ASTANA, March 7 (Xinhua) -- Kazakhstan's gross domestic product (GDP) in 2017 will grow by 2-2.2 percent, if oil costs 50 U.S. dollars per barrel, according to Kazakh National Bank.
"According to the estimates of National Bank, Kazakhstan's GDP growth in 2017 will be 1.5-2 percent with a world oil price of $40 per barrel and 2-2.2 percent with an oil price of $50 per barrel," Director of Research and Statistics Department of Kazakhstan National Bank Vitaliy Tutushkin said on Tuesday.
He also said that a positive contribution to GDP growth will be made by the increase of real exports, according to Kazpravda reports. Tutushkin highlighted that oil production at the Kashagan oilfield contributed to the GDP growth as well.
"A moderate recovery in domestic consumption is expected due to the adaptation of the population and enterprises to new conditions, stabilisation and predictability of the situation in the foreign exchange market, reduction of inflation and inflationary expectations, as well as the level of dollarisation," he added.
Tutushkin said that implementation of state programmes will promote investments and development of non-oil sectors of Kazakh economy, such as agriculture, manufacturing and construction.
The World Bank has forecast GDP growth in Kazakhstan in 2017 by 2.2 percent. Eurasian Development Bank predicted 2.1-2.3 percent GDP growth in Kazakhstan for 2017-2018.