GDP of Kazakhstan: structure and dynamics. Kazakhstan: GDP per capita

From the point of view of economic indicators, Kazakhstan is the most profitable and successful country in Central Asia. It is one of the ten largest financial powers in Europe. The main sources of income are the extraction of oil and minerals, as well as engineering and metalworking industry. It is noteworthy that Kazakhstan is almost the only country on the continent where agriculture is developing and flourishing at an incredible rate.

Economic development

After the collapse of the USSR, there was a significant financial decline in the country, which lasted until 1995. At that time, the economy was on the verge of high inflation. The expenditure part of the budget was much higher than the revenue side. There was an imbalance in the price policy. The authorities could not find the levers of control over the monopoly of producers. All this led to a sharp rise in prices and unemployment. The credit system was just beginning to emerge.

In 1993, a national currency was introduced on the territory of Kazakhstan, which was called "tenge". The artificial stabilization of the exchange rate led to a collapse in production and inflation. Thus, the GDP decline was more than 9%. In 1995, the credit system was established. Such monetary policy could curb hyperinflation to 60%. In 2007, a sharp increase in GDP of Kazakhstan was observed by almost 30%. From this moment, this indicator only increased. In recent years, the GDP growth rate has slightly decreased. The main reason for this is the instability of global macroeconomics. Normalize the overall financial background helps an effective policy in the domestic market. Also, a significant share of the budget's profit is generated by the profit from a large yield.

Economic indicators

The maximum threshold of devaluation in the history of Kazakhstan was observed in 1999. Then this figure was about 59%. The reason for the devaluation was the final stage of the transition to the tenge. In 2009, the level of falling prices stopped at 17%.

As for the level of inflation, in the early 1990s it was about 210%. Later, the economic background in the country stabilized by the national currency. The minimum level of inflation was observed in 1998 - 1.9%. Recently, the indicator does not exceed 6%. The external debt of Kazakhstan varies within the limits of 150 billion dollars. The amount is growing every year. A few years ago, the debt was about $ 108 billion.

Characteristics of industry

One of the main profitable branches of production is engineering. The profit from this field of activity is just under 8% of Kazakhstan's GDP. Local manufacturers produce equipment for the mining industry, transport industry. Only in 2012, the world market received more than 12 thousand Kazakh cars.

Ferrous metallurgy accounts for 13% of the country's total GDP. Annually, Kazakhstan's factories extract and process up to 8 billion tons of iron ore. Nonferrous metallurgy is in no way inferior to black in terms of its share in GDP. Its coefficient is 12%. In general, metallurgical plants process aluminum, zinc, lead and copper. More narrow production - magnesium, titanium and other rare ores.

Today Kazakhstan is one of the main copper exporters in the world. Most of the products are bought by Germany and Italy. In addition, about 170 gold deposits are registered in the country. The structure of Kazakhstan's GDP is not just based on industry. Take even the chemical industry. On the production of phosphorus and synthetic substances, Kazakhstan is in third place in Eurasia. Enterprises of the petrochemical industry produce a wide range of various technical substances, such as kerosene, boiler and diesel fuel, gasoline, etc.

In addition, the production of building materials is well established in the republic: slate, cement, pipes, linoleum, faience, tiles, kaolin, convectors, radiators, crushed stone, etc. This industry occupies 4% of the country's GDP. In recent years, the development of the energy sector has been taking major steps.

Profitability of agriculture

The share of Kazakhstan's GDP allocated for this type of activity is more than 5%. In recent years, this indicator has risen sharply. Back in the mid-1990s, agriculture accounted for only 1.8% of total GDP. Since 2002, billions of dollars have been channeled to the development of this industry. The most important component of the local "farm" is the cultivation of potatoes, oilseeds and melons. The total yield over the past 10 years has grown 6 times. It would be superfluous to note the increased profit from the sale of vegetables and fruits. Of the crops, the most profitable are wheat, barley and oats. In the west of the country, maize and sunflower seeding are widespread.

In cattle breeding there is a negative dynamics. In recent years, the number of people has declined by almost half.

Foreign trade indicators

The first thing at the level of Kazakhstan's GDP affects exports. The main trading partners of the republic are the Baltic and CIS countries. They account for about 59% of all exports. The first place in the list is occupied by Russia. Trade relations are developing successfully with foreign countries, such as Germany, Czech Republic, Turkey, Italy, Switzerland, USA, England, South Korea.

The annual trade turnover between Kazakhstan and Russia is about 30 billion dollars. Most of the export is occupied by oil products, then metals and ores. It is noteworthy that only 20% is allocated to all other branches of production and services. The main products of import are crude oil, equipment, transport, weapons, food products.

Financial system

The average level of Kazakhstan's GDP is growing every year. Such a positive trend is achieved thanks to an effective internal financial system. Back in 1998, the country was a large-scale pension reform. At the next stage, the stock market underwent a change. By mid-2014, there were already 38 national banks operating in the country.

It should be noted that all significant financial transactions are carefully checked by the relevant State Committees and services. The economic system in Kazakhstan is under the strict supervision of the authorities.

The most serious financial crisis in the republic happened in 2008. However, the decline in GDP lasted only two reporting quarters.

The economic growth

2014 was marked for the country by a serious slowdown in the procession of supply and demand. As a result, negative dynamics of Kazakhstan's GDP was observed. This indicator fell from 6% to 4%. This was also due to the instability of the global oil industry. Also, there was a negative trend of demand for metallurgical products from Russia and China. All this negatively affected not only the GDP of Kazakhstan, but also the entire credit system. To normalize the country's macroeconomics, the authorities decided to conduct a stimulating tax policy. In addition, after the fall of the tenge, the Government of Kazakhstan directed more than 5.5 billion dollars to support social articles and industry.

Financial reforms

To date, the Government of the republic is trying to prevent the negative impact of the slowdown of economic growth on the labor market. Otherwise, it will lead to bankruptcy of small business and directly affect the most vulnerable categories of citizens.

For the artificial stabilization of the economy and the level of GDP, various social programs come into force in the country. Funding goes from the National Fund and from a partial redistribution of public funds.

Among other reforms, a new package of measures should be identified to attract foreign investors and support small businesses.

Prospects and risks

Recently, there has been a negative change in Kazakhstan's GDP. The situation is expected to improve only for 2017. As of 2014, GDP growth stopped at 4.1%. The dynamics of this indicator will fall every day until the world economic environment finds stabilization levers. Affects the domestic financial risks of Kazakhstan and geopolitical tensions in the regions. The most negative factor in reducing the GDP of the republic is the conflict between Russia and Ukraine. Because of this, it is very difficult to find stable investors for long-term prospects.

GDP dynamics in 2015

At the current time there is an artificial stagnation of the economic component of the Republic of Kazakhstan. GDP per capita is about 13.6 thousand dollars. This indicator in 2015 can be significantly reduced. According to experts, the country's GDP growth should drop to 2%. Nevertheless, next year, a positive trend of 5.5% is expected.

Until the end of this year, the increase in GDP is not predicted, as oil prices and export performance will continue to fall.