UPDATE 1-Kazakhstan GDP Q1 growth slows to 6.0 percent

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ALMATY, May 15 (Reuters) - Kazakhstan's economy grew by 6.0 percent year-on-year in the first quarter of 2008, official data showed on Thursday, showing a significant slowdown but beating an earlier government estimate of 5.3 percent.

The State Statistics Agency said the growth rate compared with a 10.6 percent expansion in the same period of 2007.

Kazakhstan's economy, the biggest in central Asia, took a hit from the global liquidity squeeze that has made it hard for local banks to borrow abroad and left many businesses cash-strapped.

The government forecasts 5-7 percent economic growth for 2008 while the central bank and the International Monetary Fund have stuck with the lower end of that range. (Writing by Olzhas Auyezov; Editing by Maria Golovnina/Ruth Pitchford)