Kazakh PM outlines key economic development indicators for 11 months of this year

The main indicators of economic development of Kazakhstan for 11 months of 2022 were announced by Prime Minister Alikhan Smailov at the enlarged Government session chaired by the Head of State, El.kz cites primeminister.kz.

Alikhan Smailov said that the economy grew by 2.7% in Jan-Nov. Positive dynamics was recorded in such sectors as agriculture, information and communication, construction, manufacturing, trade, transport and warehousing. Economic growth slowed down due to a decline in oil and mineral production.

Foreign trade turnover increased by 34% between Jan-Oct, reaching $111bn. Exports jumped by 45%, including 35% in manufactured goods. The trade surplus doubled in the reporting period and amounted to $31 billion.

The Prime Minister stressed that amid the disruption of international production and transport chains a high inflation rate is emerging in many countries around the world. As a result, this indicator in Kazakhstan reached 19.6% as of November of this year. The main factors for increase of inflation were intensification of geopolitical tension, record growth of prices in the world, disruption of logistical links and introduction of temporary restrictions on exports of some goods to neighboring countries.

"The Government is currently implementing a set of measures to control and reduce inflation. As part of this work, measures are envisaged to increase the share of domestic goods in the domestic market, develop mechanisms for the storage and transportation of products, and support retail trade," Smailov said.

According to him, the most effective market mechanisms, including forward financing, will be widely used to curb inflation during the off-season.

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