According to the State Committee for Statistics & Analysis, Kazakhstan's industrial output January-June this year was 1.1% higher than in the same period of 1997.

The number of unemployed in Kazakhstan fell to 269,000 people in June (4.0% of the workforce) from 273,700 in May.

Kazakhstan had a negative foreign trade balance of US $603.6m January-May 1998 compared to the positive balance of US $13.9m in the same period of 1997. Over this period, export decreased 7.0% to US $2,641.5m while import increased 14.0% to US $3,245.1m.

Average wage in Kazakhstan grew 1.8% to KZT 9,660 (US $ 126.2) compared to the April level.

Crude oil and gas condensate production fell 4.9% from 2,013 million tonnes in May to 1,914 million tonnes in June. Natural gas production decreased 7.2% to 0.533bn m³. The output of gasoline grew 23.4% to 186,600 tonnes while fuel oil output fell 11.1% to 186,000tonnes.

Some metal outputs in June compared to May: Copper—a fall of 13.8% to 25,459 tonnes. Zinc—a fall of 2.4% to 19,900 tonnes. Lead—a fall of 20.0% to 5,984 tonnes. Alumina production increased 66.5% to 89,392 tonnes and bauxite also increased 27.5% to 340,900 tonnes.(Reuters)

On Friday, July 24, at a meeting chaired by Prime Minister Nurlan Balgimbaev, the Kazakhstan Government discussed urgent measures to be taken to stabilise the financial and economic situation in the oil industry. In particular, the relevant ministries, national oil companies, KazakhOil, Kaztransoil, and oil refineries are supposed to take steps to cut down production costs and transportation charges and to make oil products competitive on the domestic market. The government intends to exert control over imported petroleum products in order to prevent any illegal import. The government said that since oil is the leading industry in the national economy other key industries will benefit from its stabilisation. (Interfax)

The law "On Joint Stock Companies" has come into force in Kazakhstan. It replaces the outdated law "On Economic Partnerships" thus making the legal base of the Kazakhstani stock market closer to international standards.

According to Interfax, the National Pension Agency of Kazakhstan (NPA) has increased the minimum requirement of authorised capital for private pension funds. From now on, it cannot be less than KZT90m (US $1.16m) for open-end pension funds or less than KZT20m (some US $0.3m) for corporate pension funds. The previous requirements were, KZT55m and KZT10m, respectively. The NPA said that higher capitalisation is needed due to increasing expenses of funds as the number of their clients increases and investment in fixed and intangible assets grows. The existing 11 pension funds will have to meet the required minimum of authorised capital within six months.