Economy of Kazakhstan

Buoyed by high world crude oil prices, GDP growth figures were in 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007 and 2008: 9.8%, 13.5%, 9.8%, 9.3%, 9.6%, 9.7%, 10.7%, 8.9% and 3.2 respectively.[27] Other major exports of Kazakhstan include wheat, textiles, and livestock. Kazakhstan forecasts that it will become a leading exporter of uranium by 2010.[28]

GDP in 2010 has grown on 1.1% Inflation. 2005 - 7.6%, 2006 - 8.6%, 2007 - 18.8%, 2008 - 9.5%, 2009 - 6.2%.

Since 2002, Kazakhstan has sought to manage strong inflows of foreign currency without sparking inflation. Inflation has not been under strict control, however, registering 6.6% in 2002, 6.8% in 2003, and 6.4% in 2004.

In 2000, Kazakhstan became the first former Soviet republic to repay all of its debt to the International Monetary Fund (IMF), 7 years ahead of schedule. In March 2002, the U.S. Department of Commerce granted Kazakhstan market economy status under U.S. trade law. This change in status recognized 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.

In September 2002, Kazakhstan became the first country in the CIS to receive an investment grade credit rating from a major international credit rating agency. As of late December 2003, Kazakhstan's gross foreign debt was about $22.9 billion. Total governmental debt was $4.2 billion, 14% of GDP. There has been a noticeable reduction in the ratio of debt to GDP. The ratio of total governmental debt to GDP in 2000 was 21.7%; in 2001, it was 17.5%, and in 2002, it was 15.4%.

Economic growth, combined with earlier tax and financial sector reforms, has dramatically improved government finance from the 1999 budget deficit level of 3.5% of GDP to a deficit of 1.2% of GDP in 2003. Government revenues grew from 19.8% of GDP in 1999 to 22.6% of GDP in 2001, but decreased to 16.2% of GDP in 2003. In 2000, Kazakhstan adopted a new tax code in an effort to consolidate these gains.

On November 29, 2003, the Law on Changes to Tax Code was adopted, which reduced tax rates. The value added tax fell from 16% to 15%, the social tax, from 21% to 20%, and the personal income tax, from 30% to 20%. On July 7, 2006, the personal income tax was reduced even further to a flat rate of 5% for personal income in the form of dividends and 10% for other personal income. Kazakhstan furthered its reforms by adopting a new land code on June 20, 2003, and a new customs code on April 5, 2003.

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