d a gold sun with
32 rays soaring above a golden steppe eagle in the center; on the
hoist side is a "national ornamentation" in yellow

@Kazakhstan, Economy

Overview:
Kazakhstan, the second largest of the former Soviet states in
territory, possesses vast oil, coal, rare metals, and agricultural
resources. While the economy is gradually making the transition from a
Soviet command system to a market system, strong elements of state
control persist including government ownership of most economic assets
and a continued system of mandatory state procurement for the key
products such as grain and energy; likewise, agriculture remains
largely collectivized. On the other hand, new businesses are forming
rapidly, the economy is opening to foreign investment, and 12% of
state-owned commercial enterprises have been privatized. In 1993, a
three-year industrial privatization program was launched; an
independent currency was successfully introduced; and two large joint
ventures were established with western oil companies. These
far-reaching structural transformations have resulted in a cumulative
decline in national income of more than 30% since 1990. Loose monetary
policies have kept the inflation rate high, averaging 28% per month
for 1993 and accelerating at the end with the disruption caused by a
new currency. Since the introduction of its independent currency in
November 1993, the government has renewed its commitment to fiscal
discipline and accelerating economic reform. However, growing economic
hardship and rising ethnic tensions between Kazakhs and Russians over
the division of economic assets will likely lead to strong pressure to
backtrack.
National product:
GDP - purchasing power equivalent - $60.3 billion (1993 estimate from
the UN International Comparison Program, as extended to 1991 and
published in the World Bank's World Development Report 1993; and as
extrapolated to 1993 using official Kazakhstani statistics, which are
very uncertain because of major economic changes since 1990)
National product real growth rate:
-13% (1993 est.)
National product per capita:
$3,510 (1993 est.)
Inflation rate (consumer prices):
28% per month (1993)
Unemployment rate:
0.6% includes only officially registered unemployed; also large
numbers of underemployed workers
Budget:
revenues:
$NA
expenditures:
$NA, including capital expenditures of $1.76 billio