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. Last Updated: 07/27/2016

Kazakhstan Moving Up

ALMATY, Kazakhstan -- After a period of stagnation, Kazakhstan was entering a period of economic growth with rising foreign investment and falling inflation, President Nursultan Nazarbayev said.

He said per capita gross domestic product in the past year totaled $1,700, compared to $900 in Ukraine and $400 in Uzbekistan, two other former Soviet republics.

Kazakhstan's foreign trade expanded five percent in 1997 from 1996 to reach $13.6 billion, Nazarbayev said.

Foreign investment was $3 billion, bringing the total sum to more than $10 billion since independence.

He said Kazakhstan was also winning its battle against inflation, which stood at an annual 12 percent in 1997 against an earlier estimate of 17.5 percent and a 1996 level of 28.7 percent.