Kazakhstan expects 1% economic growth in 1999

/IRBIS, Dec.03, 99/ - REUTERS informs that the president of Kazakhstan Nursultan Nazarbaev said economic growth in Kazakhstan by the results of 1999 would reach one percent. "Gross domestic product rose in nine months, therefore we expect an economic growth of more than one percent by the end of year", said Nazarbaev today at the council of foreign investors. In 1998 GDP of Kazakhstan fell 2.5 percent and industrial production shrank 2.1 percent. The president is a slightly optimistic about the current economic situation in Kazakhstan. Exchange rate of national currency - tenge, is increasing last two months not due to currency interventions of the National Bank, but due to growth in currency supply, he mentioned at the council. He also said, that production had not only stopped in Kazakhstan but it also had grown some, while world price for major exported goods were rising. He also mentioned the grain harvest was rich this year. About 16 million of grain was harvested in 1999.