Kazakhstan increased the forecast of GDP growth and inflation in years 2008-2009

/REUTERS, Almaty, May 24, 07/ - Government of Kazakhstan increased the forecast of average year growth of GDP for the nearest three years and consumer prices - for year 2008-2009, is said in the resolution of the Cabinet, published on Thursday. Average year real growth of GDP in year 2007-2009 will make 9.3%, and not 8.8% as it was expected earlier, is said in the document, published in official newspaper Kazakhstanskaya Pravda. New forecast of real growth of GDP in year 2008-2009 makes, correspondingly 9.4% and 8.9% in comparison to previous forecast 8.9% and 9.0%. Government recently increased the forecast of growth of GDP for year 2007 to 9.7% from 8.6%. Forecast of inflation for years 2008 and 2009 was increased to 6.0% - 8.0%% from 5.0 - 7.0%, however for year 2007 is preserved on the same level. National bank of Kazakhstan, which as a rule is making the most exactly forecasts, expects this year the growth of consumer prices by 8.2- 8.6%. Government had increased the forecast of volume of oil extraction in year 2007 to 65 m. tons from 64 m. ministry of energy and mineral resources earlier had informed about more high forecast - 67 m. tons. Below is given the forecast of main macro-economic indicators of Kazakhstan for years 2007-2009: --------------------------------------------------------------------------- 2007 2008 2009 --------------------------------------------- -------- -------- -------- GDP, KZT, m. 12,464.1 14,874.2 17,563.4 Real growth of GDP, % 9.7 9.4 8.9 Average year inflation, % 5-7 6-8 6-8 Export of goods, FOB, $ m 39,859.5 42,058.4 45,662.4 Import of goods, FOB, $ m 30,365.6 33,446.7 37,370.1 Extraction of oil and gas condensate, m. tons 65.0 70.0 78.0 World price for oil Brent, $/barrel 60.0 60.0 60.0 --------------------------------------------------------------------------- [2007-05-25]