UPDATE 1-Kazakhstan cuts 2008 GDP growth forecast to 5.3 pct

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ASTANA, May 16 (Reuters) - Kazakhstan has cut its 2008 economic growth forecast to 5.3 percent from a previous range of 5-7 percent, Economy Minister Bakhyt Sultanov said on Friday.

Kazakhstan has taken a hit from the global liquidity squeeze due to its heavy reliance on foreign borrowing and some analysts have projected that economic growth could plunge as low as 4 percent in 2008. The economy grew by 8.5 percent last year.

Despite the lower forecast, Sultanov sounded upbeat.

"The growth in prices of oil and other Kazakh exports is a positive factor affecting the economic situation," he told a government meeting.

He said the government saw exports surging to $57.3 billion this year from $48.3 billion in 2007. Imports would grow to $39.3 billion from 33.2 billion, resulting in hefty trade and current account surpluses.

"The forecast for tax revenues from the oil sector going into the National Fund has been increased by 400 billion tenge ($3.3 billion)," he said, referring to a special fund the resource-rich state has built up for use in the future.

Overall, the National Fund is due to grow to $32.8 billion by the end of this year from the current $23.3 billion, he said. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Maria Golovnina and Alan Raybould)