OREANDA-NEWS. February 12, 2007. “Gold and currency reserves are close to 40% of the nation’s GDP”, said Galymzhan Pirmatov, Vice Minister for Economic Affairs and Budget Planning, when reporting at a conference focused on Kazakhstan amid the global liquidity crisis, reported the Official website http://en.government.kz.

When delivering a report on macroeconomic situation in Kazakhstan, Mr. Pirmatov noted that the nation’s GDP [in 2007] made up USD 106 billion, which is slightly over USD 6000 par capita. Average wages in Kazakhstan stand at KZT 51000 (1 USD ? KZT 120). Unemployment rate fell down to 7,5%.

Besides, Mr. Pirmatov dwelt on the gross foreign debt of Kazakhstan. He noted that the amount had been growing for the pat two years. Inter-corporation debts account for 30% of the foreign debt figure. Kazakhstan’s Government had taken required measures that enabled to contain the foreign debt within a range safe for the nation.

Mr. Pirmatov also briefed on the measures taken by the state to stabilize and ensure further growth of the economy. Thus, the Government earmarked USD 1,2 billion for this purpose in 2007; another USD 3 billion is going to be allocated for the economy stabilization in the current year. In 2007 the cash flows were mainly injected in the construction sector and to support small and medium-sized business. As of Feb. 1, construction companies absorbed KZT 26,7 billion, while S&MBs – about 39% of the whole amount (USD 400 million).