Since 1991, the economy in Kazakhstan has developed into the largest in Central Asia. Within the borders of Kazakhstan is an abundance of fossil fuels reserves, in addition to minerals and metals. Also, the country boasts significant agricultural potential due to the steppe lands that can accommodate livestock and grain. Mountains in the southern portion of Kazakhstan are produce apples and walnuts.
Since the Kazakhstan Democracy, the country’s industrial segment has relied on extracting, then processing, these precious resources. Also, there is a large machine building industry that specializes in agricultural machinery, military equipment, construction equipment and tractors. The heavy machinery sector has managed to support the extraction and processing of resources.
With the signing of the Caspian Pipeline Consortium agreement, a large pipeline was constructed from Tengiz Field in Kazakhstan to the Black Sea. This has improved oil and other exports considerably.
Since 2000, the economy has grown sharply as a result of the increased prices on oil, metals and agriculture, particularly grain. Since 2001, Kazakhstan’s yearly GDP growth has been among the highest of all economies.
The primary reason for this incredible growth is neighboring countries such as China, Russia and Commonwealth of Independent States (CIS) who have been growing by leaps and bounds. The growth also led to a major increase in government finances showing a surplus in 2000.
Over the years, inflation has managed to remain under control. Also, due to its strong economic performance, Kazakhstan was the first Soviet republic to repay all debt, seven years ahead of the scheduled payment due date.