The government has continued to follow a conservative fiscal policy by controlling budget spending and accumulating oil revenue savings in its Oil Fund — Samruk-Kazyna. The global financial crisis forced Kazakhstan to increase its public borrowing to support the economy. Public debt increased to Between and , the government achieved an overall fiscal surplus of 4.
Since , Kazakhstan has sought to manage strong inflows of foreign currency without sparking inflation. Inflation has not been under strict control, however, registering 6. This change in status recognised substantive market economy reforms in the areas of currency convertibility, wage rate determination, openness to foreign investment, and government control over the means of production and allocation of resources.
Kazakhstan weathered the global financial crisis well, [ citation needed ] by combining fiscal relaxation with monetary stabilisation.
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In , the government introduced large-scale support measures such as the recapitalisation of banks and support for the real estate and agricultural sectors, as well as for small and medium enterprises SMEs. In September , Kazakhstan became the first country in the CIS to receive an investment grade credit rating from a major international credit rating agency. There has been a reduction in the ratio of debt to GDP. The ratio of total governmental debt to GDP in , was Economic growth, combined with earlier tax and financial sector reforms, has dramatically improved government finance from the budget deficit level of 3.
Government revenues grew from In , Kazakhstan adopted a new tax code in an effort to consolidate these gains. Kazakhstan furthered its reforms by adopting a new land code on 20 June , and a new customs code on 5 April Energy is the leading economic sector.
Production of crude oil and natural gas condensate from the oil and gas basins of Kazakhstan amounted to Kazakhstan raised oil and gas condensate exports to Gas production in Kazakhstan in , amounted to Major oil and gas fields and recoverable oil reserves are Tengiz with 7 billion barrels 1.
Kazakhstan instituted an ambitious pension reform program in There are 11 saving pension funds in the country. The State Accumulating Pension Fund, the only state-owned fund, was privatised in The country's unified financial regulatory agency oversees and regulates the pension funds. The growing demand of the pension funds for quality investment outlets triggered rapid development of the debt securities market.
Pension fund capital is being invested almost exclusively in corporate and government bonds , including government of Kazakhstan Eurobonds. The government of Kazakhstan is studying a project to create a unified national pension fund and transfer all the accounts from the private pension funds into it.
The banking system of Kazakhstan is developing rapidly and the system's capitalisation now [ when? The National Bank has introduced deposit insurance in its campaign to strengthen the banking sector. Due to troubling and non-performing bad assets the bank sector yet is at risk to lose stability. Kookmin and UniCredit have both recently entered the Kazakhstan's financial services market through acquisitions and stake -building. According to the —11 World Economic Forum in Global Competitiveness Report, Kazakhstan was ranked 72nd in the world in economic competitiveness.
In , Aftenposten quoted the human-rights activist and lawyer Denis Jivaga as saying that there is an " oil fund in Kazakhstan, but nobody knows how the income is spent". GDP growth in January—September was 5.
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China is one of the main economic and trade partners of Kazakhstan. Kazakhstan exports products to countries. Its arable land has the second highest availability per inhabitant 1. Chief livestock products are dairy products , leather, meat, and wool. The country's major crops include wheat, barley , cotton, and rice.
Wheat exports, a major source of hard currency , rank among the leading commodities in Kazakhstan's export trade. In Kazakhstan harvested Kazakhstani agriculture still has many environmental problems from mismanagement during its years in the Soviet Union. Some Kazakh wine is produced in the mountains to the east of Almaty. Kazakhstan is thought to be one of the places that the apple originated, particularly the wild ancestor of Malus domestica , Malus sieversii. The region where it is thought to originate is called Almaty : "rich with apple".
KTZ cooperates with French loco manufacturer Alstom in developing Kazakhstan's railway infrastructure. Alstom has more than staff and two joint ventures with KTZ and its subsidiary in Kazakhstan.
It is the only repairing center in Central Asia and the Caucasus. As the Kazakhstani rail system was designed during the Soviet era, rail routes were designed ignoring intersoviet borders and to the needs of Soviet planning. This has caused anomalies such as the route from Oral to Aktobe now passes briefly through Russian territory. It also means that routes might not suit modern-day Kazakhstani needs.
Astana Nurly Zhol railway station , the most modern railway station in Kazakhstan, was opened in Nur-Sultan on 31 May The opening of the station coincided with the start of the Expo international exhibition. According to Kazakhstan Railways KTZ , the ,m2 station is expected to be used by 54 trains a day and has capacity to handle 35, passengers a day. There is a small 8. A second and third metro lines are planned in the future. The second line would intersect with the first line at Alatau and Zhibek Zholy stations. The general contractor is Almatymetrokurylys.
The extension includes five new stations, and will connect the downtown area of Almaty with Kalkaman in the suburbs.
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Its length will be 8. The first phase the current phase will be the addition of two stations: Sairan and Moscow, a length of 2. There was a tram system of 10 lines which operated from to The Astana Metro system is under construction. It's been a long time coming and the project was abandoned at one point in , [] but an agreement was signed on 7 May for the project to go ahead.
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It had a fleet of 50 working tram cars. Its fleet of trams are due to be replaced and in , the city announced plans to purchase new trams. In the European Commission blacklisted all Kazakh air carriers with a sole exception of Air Astana. Since then, Kazakhstan has consistently taken measures to modernise and revamp its air safety oversight. In the European air safety authorities removed all Kazakh airlines from the blacklist and there was "sufficient evidence of compliance" with international standards by Kazakh Airlines and the Civil Aviation Committee.
Kazakhstan has vast deposits of uranium, precious metals, metals, ores, alloys, ferroalloys and minerals. Kazakhstan is the ninth-largest country by area and the largest landlocked country. Today, tourism is not a major component of the economy. As of , tourism has accounted for 0. The WEF ranks Kazakhstan 80th in its report. In , Kazakhstan ranked 43rd in the world in terms of number of tourist arrivals. In total 1. The Kazakh Government, long characterised as authoritarian with a history of human rights abuses and suppression of political opposition, [15] has started an initiative named the "Tourism Industry Development Plan ".
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Kazakhstan launched the Green Economy Plan in The government has set the goals that a transition to the Green Economy in Kazakhstan occur by The government of Kazakhstan has set prices for energy produced from renewable sources. The price of 1 kilowatt-hour for energy produced by wind power plants was set at The price for 1 kilowatt-hour produced by small hydro-power plants is Foreign direct investment FDI plays a more significant role in the national economy than in most other former Soviet republics.
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President Nazarbayev signed into law tax concessions to promote foreign direct investment which include a ten-year exemption from corporation tax, an eight-year exemption from property tax, and a ten-year freeze on most other taxes. The banking industry of the Republic of Kazakhstan experienced a pronounced boom and bust cycle over s decade. After several years of rapid expansion in the mids, the banking industry collapsed in Although the Russian and Kazakhstani banking systems share several common features, there are also some fundamental differences. Banks in Kazakhstan have experienced a lengthy period of political stability and economic growth.
Together with a rational approach to banking and finance policy, this has helped push Kazakhstan's banking system to a higher level of development. Banking technology and personnel qualifications alike are stronger in Kazakhstan than in Russia.