Kazakhstan's GDP expected to grow by 7%

ASTANA - Kazakhstan's economy will rise by 7 percent by the end of the year, said Kazakh President Nursultan Nazarbayev Wednesday at the 5th Astana Economic Forum in the capital city.

"We expect a seven percent GDP growth this year," he said.

According to the latest forecasts of the Kazakh government, the GDP growth in 2012 will amount to 6 percent.   

Meanwhile, the International Monetary Fund recently raised its forecast for Kazakhstan's GDP growth from 5.9 percent to 6 percent in 2012. The United Nations Economic and Social Commission for Asia and Pacific predicted the country's economic growth to be at 6.2 percent, while Fitch ratings has a more conservative prognosis of 5 percent.

In the first quarter of this year, the economy of Kazakhstan expanded by 5.6 percent. In 2011, its GDP growth was 7.5 percent.