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Business & Finance

Kazakh 2011 industrial output up 3.5pc

Published Updated

kazakhstanALMATY: Industrial production growth in Kazakhstan slowed to 3.5 percent last year from 10.0 percent in 2010, falling short of the government's full-year target of 6.0 percent, the State Statistics Agency said on Wednesday.

A spokeswoman for the agency had given a slightly lower growth number of 3.3 percent on Tuesday.

The statistics agency said Kazakhstan, which is aiming to diversify its resource-based economy, posted growth of 1.3 percent in the mining industry last year. Growth in processing industries was 6.2 percent, it said.

Kazakhstan holds slightly more than 3 percent of the world's recoverable crude oil reserves and is also the world's largest uranium miner, as well as a major producer of copper, zinc and other industrial metals.

The economy in Kazakhstan, Central Asia's largest, grew by 7.5 percent in 2011, Prime Minister Karim Masimov said on Monday, accelerating from 7.3 percent growth in 2010.

Copyright Reuters, 2012

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