/REUTERS, August 2, 04/ -Kazakhstan has raised its forecast for gross domestic product (GDP) growth this year to "no less than nine percent" from an earlier estimate of eight percent, Prime Minister Danial Akhmetov said on Monday.

"The first task in the macroeconomic sphere is to create conditions to ensure that the tempo of economic growth is no less than nine percent compared to the level of last year," Akhmetov told a news conference.

The Central Asian state's GDP, fuelled by high world prices for its booming oil exports, grew by more than nine percent in the first half of this year, Akhmetov said last month. Precise final data are due to be released later this month.

Kazakhstan's economy, buoyed by billions of dollars in foreign direct investment pumped into its key energy sector, has grown at an average annual rate of 10 percent in the past four years.

GDP grew by 9.2 percent last year after rising by 9.5 percent in 2002 and 13.5 percent in 2001.

Akhmetov said the government would stick with its earlier forecast of five to seven percent inflation this year. Kazakhstan's consumer prices grew by 6.8 percent last year after a 6.6 percent rise in 2002.

[2004-08-02]