27 Jul 2010 13:09

Kazakh GDP grows 8% in H1

ASTANA. July 27 (Interfax) - Kazakhstan's GDP grew 8% year-on-year in the first half, according to the early figures, Economic Development and Trade Minister Zhanat Aitzhanova said during a governmental meeting in Astana on Tuesday.

"GDP growth was 8% for the reporting period, according to the initial estimate," Aitzhanova said.

Prime Minister Karim Masimov said at a Tuesday press conference that the Kazakh government would be revisiting its macroeconomic forecasts by September. "I think that we will be reconsidering our macroeconomic positions, along with an adjusted budget, by September. For now, our official forecast is economic growth of 4% before year-end," he said.

As to oil prices, Masimov said Kazakhstan bases its "budget policy on an oil price of $65 per barrel." "Oil prices rising or falling will depend on the state of the world economy. I don't see any serious fluctuations in the coming six months," Masimov said.

Kazakhstan's GDP expanded 8.3% year-on-year in January-May. It grew 1.2% in 2009 overall.