Ye.Dossayev: Taking into account oil and metals price, GDP growth to amount to 0.5%

Taking into account the updated scenario, oil and metals prices, the additional anto-crisis measures, the GDP growth will amount to 0.5% in 2016, Minister of Economy Yerbolat Dossayev said in the Senate during the presentation of the Republican budget for 2016.
Nur-Sultan25 February , 10:48

"Since the beginning of this year, there is a sharp drop in oil prices - less than 28 dollars per barrel. According to the latest forecasts of the International Energy Agency, low oil prices persist for a long period of time due to the high volume of production in the OPEC countries and Russia. In addition, there is a high uncertainty in the dynamics of a Fed rate, due to the potential risks of a recession in the US economy. This increases volatility in financial and commodity markets”, the minister said.

Accordingly, the Minister said that the Government has adjusted the macroeconomic indicators for 2016 according to the forecast of socio - economic development for 2016 - 2020 based on "preliminary accounting data for GDP growth and the development of sectors of the economy in 2015; changes in the US dollar exchange rate estimated from 300 to 360 tenge; current trends in world commodity markets, 2016 oil price forecast to $ 30 a barrel, metal prices will be reduced by 15.0% compared to 2015 ".

The Minister explained that in view of the updated scenario and oil and metals prices, as well as the additional operational anti-crisis measures to stimulate economic activity, GDP growth will be 0.5% in 2016.

Anara Tanyrkulova