Capital City: Astana
	It is %T:%M %A in Astana

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Economic trends

Because of its strong macroeconomic performance and financial health, Kazakhstan became the first former Soviet republic to repay all of its debt to the International Monetary Fund (IMF) in 2000, seven years ahead of schedule. The GDP growth rate was 10.7% in 2006, 8.7% in 2007, with a forecast of 7.8% in 2008. The economy is driven by oil exports which generate 40% of the country's total revenue. The oil sector also attracts huge foreign investments, second after Russia among the CIS (Commonwealth of Independent States). Consumer prices have risen by over 8.6% in 2007, despite efforts by the National Bank of Kazakhstan (the central bank) to combat inflation.

Main branches of industry

The agriculture sector contributes nearly 7% to the GDP and employs around 20% of the active population. Kazakhstan is the sixth-largest producer of grains (includes wheat, rice and barley) in the world. Livestock raising is also an important activity. Kazakhstan is rich in natural resources: oil & gas, coal, copper, zinc, uranium and silver. Oil production accounts for 30% of the GDP. The building & construction sector is growing strongly. The manufacturing sector is not well developed given the fact that almost all capital and consumer goods are imported into the country. Thus, manufacturing activities are limited to textiles, chemicals & fertilizers, and pharmaceuticals. The services sector is growing and contributes nearly 55% to the GDP.

International trade

Kazakhstan is open to international trade. Oil exports account for 50% of the total exports. Kazakhstan will continue to prioritize its relations with Russia, especially in the context of US support for opposition groups in various members of the CIS. Foreign trade is almost equal to the GDP. Kazakhstan's top three export partner’s are: Switzerland, Italy and Russia. The commodities mainly exported are mineral fuels & oils, iron & steel, copper, and inorganic chemicals. The top three import partners are: Russia, Germany and China. Kazakhstan mainly imports machinery, mineral fuels & oils, vehicles, articles of iron & steel, and electric & electronic equipment.