Kazakhstan economy grows by 4.9% in 8 months

Development and implementation of the republican budget for Jan-August were considered at a Government session under the chairmanship of Prime Minister of Kazakhstan Alikhan Smailov., El.kz cites primeminister.kz. 

As Deputy Minister of National Economy Azamat Amrin reported, Kazakhstan's economy grew by 4.9% during the reporting period. In particular, growth in the real sector amounted to 4.4%, in services amounted to 4.8%. In all major industries are positive dynamics, with the best performance demonstrated by construction, trade, information and communication.

The growth rate of investments in fixed assets amounted to 12.2%. Their inflow increased in such spheres as transportation and warehousing by 49%, education 31.9%, trade 30.1%, agriculture 20.7%, industry 8.5%.

In Jan-July, the foreign trade turnover of the republic increased by 5.7% and amounted to $79.5 billion. Exports reached $44.8 billion, including exports of processed goods amounted to $14.2 billion, and imports to $34.7 billion. In general, the positive trade balance is $10 billion.

According to Deputy Prime Minister - Minister of Finance Yerulan Zhamaubayev, during the reporting period the state budget received 12.5 trillion tenge of revenues (the plan was fulfilled by 97.2%). Thus, the republican budget was replenished by 8.3 trillion tenge, local budgets by 4.2 trillion tenge. State budget expenditures were executed by 98.6%, republican budget by 99.3%, local budgets by 98.3%.

Prime Minister noted that the real sector continues to make a significant contribution to GDP growth. For example, the mining industry grew by 4.3% due to an increase in oil production by over 6% and natural gas production by over 3%. 

In manufacturing, growth exceeded 3%. In particular, there is an intensive increase in production in the machine building industry by more than 28%, including in the automotive industry by over 42%.

Also high dynamics in the manufacturing sector was shown by light industry - by almost 20%, production of rubber and plastic products - by over 7%, finished metal products by over 6%, foodstuffs by 4% and chemical industry by over 3%.

Prime Minister added that high growth rates were ensured in the construction sector by 11.4%. In general, almost 10 million square meters of housing was commissioned.

According to the results of 8 months, positive dynamics is noted in West Kazakhstan, Kostanay, Kyzylorda, North Kazakhstan regions, the cities of Almaty and Shymkent on all major indicators.

"Other regions need to ensure the achievement of target indicators," Prime Minister pointed out.

Due to the measures taken by the results of August there is a decrease in inflation to 13.1%. In this regard, state bodies and regional akimats have been instructed to continue active work on stabilization of prices for food products and stimulation of food production.

"The Head of State in his Address set the task to ensure economic growth of the country at the level of 6-7% in the medium term. This is a serious challenge for the Government and akimats. We all need to take effective measures to accelerate growth in key sectors of the country's economy," Alikhan Smailov said.

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