October 25, 2010 / 5:57 AM / 8 years ago

UPDATE 1-Kazakhstan GDP up 7.5 pct yr/yr in Jan-Sept

* Marks sharp swing from decline in same period of 2009

* Finance Ministry sees 2010 GDP growth at 5 pct (Adds details, background)

ASTANA, Oct 25 (Reuters) - Kazakhstan’s gross domestic product (GDP) rose in January to September by 7.5 percent from a year earlier, swinging from a 2.2 percent fall in the same period of 2009, Prime Minister Karim Masimov said on Monday.

“GDP growth reached 7.5 percent in the first nine months of this year. This is one of the best growth indicators in the CIS and, probably, in the world,” Masimov said in a report to Kazakhstan’s Nur-Otan ruling party.

Kazakhstan, Central Asia’s largest oil producer, expects GDP to rise by 5.0 percent this year, in line with a Finance Ministry forecast revised in August from a previous 4.0 percent projection.

Last year GDP growth slowed to 1.2 percent from 3.2 percent in 2008.

Before the global crisis hit Kazakhstan in 2007, Central Asia’s largest economy had been growing annually by an average of about 10 percent due to high world oil prices and a massive influx of cheap loans into its banking system. (Reporting by Raushan Nurshayeva; Writing by Dmitry Solovyov; Editing by Lidia Kelly and Neil Fullick)

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