Kazakhstan economy growth for 7 months amounted to 4.8%

Kazakhstan economy growth for 7 months amounted to 4.8%

The results of socio-economic development of the country and the execution of the national budget for Jan-July were considered at the Government session chaired by Prime Minister of Kazakhstan Alikhan Smailov.

Minister of National Economy Alibek Kuantyrov reported that during the reporting period the growth rate of Kazakhstan's economy amounted to 4.8%. In particular, in the real sector it reached 4.6%, and in services amounted to 4.7%. In all major industries are positive dynamics, with the best indicators demonstrate construction, trade, as well as information and communication.

The growth rate of investments in fixed assets amounted to 12.4%. Their inflow increased in such spheres as transportation and warehousing by 58%, education by 24.3%, trade by 22.6%, agriculture by 21.3%, industry by 9%, including mining by 8.4%.

In Jan-June, foreign trade turnover increased by 4.3% to $67.2 billion. Exports totaled $38 billion, including exports of processed goods - $12.1 billion. Imports of goods reached $29.3 billion. In general, the positive trade balance of the republic is at the level of $8.7 billion.

According to Deputy Prime Minister – Minister of Finance Yerulan Zhamaubayev, during the reporting period the state budget received 10.4 trillion tenge of revenues (the plan was fulfilled by 98.2%). In particular, the republican budget was replenished by 6.8 trillion tenge, local budgets by 3.5 trillion tenge. At the same time, state budget expenditures were executed by 98.8%, republican budget by 99.3%, local budgets by 98.8%.

The Prime Minister emphasized that according to the results of the past 7 months a significant contribution to the positive dynamics of economic development of Kazakhstan was made by the real sector. Thus, in the manufacturing industry, where growth amounted to 3%, food production increased by 4.5% and beverages by 6.4%. In the light industry growth of 21% is provided by increasing the output of textiles by more than 37%.

At the same time, the production of plastic and finished metal products increased by 8%, chemical industry products by 4.1%. In the machine-building industry, the positive dynamics of 29% was ensured by the growth of production of automobile manufacturing by 43%, electrical equipment by almost 34.5%, locomotives and railcars by 30%.

In addition, in the reporting period, furniture production increased by 15%, the construction industry shows a steady growth of 12% (8.5 million square meters of housing put into operation), trade grew by almost 10%, communication and transport by more than 8% and 7%, respectively.

In general, according to the results of 7 months on all major macro-indicators growth is observed in Abay region, Akmola region, West Kazakhstan region, Kostanay region, North Kazakhstan region and Almaty city. The lowest indicators are observed in Atyrau region, Almaty region and Ulytau region.

"Responsible government agencies and regional akimats should strengthen work on achieving target macroeconomic indicators," Alikhan Smailov pointed out.

He reminded that at the enlarged the Head of Government session the Head of State instructed to ensure annual economic growth in the medium term at the level of 6%.

"It is required to take effective systemic measures to stimulate economic growth. Here we need to strengthen work on diversification of the economy, further development of own production, increase in investment and creation of new jobs," Prime Minister said.

According to him, curbing price growth also remains a priority task for the Government. Inflation in the country has been progressively slowing down since February this year. Thanks to the measures taken it has been reduced to 14%.

"At the same time, we have a task to reduce the inflation rate by 2 times by the end of the year compared to last year. Given that the main contribution to inflation continues to be made by food products, it is necessary to take timely preventive measures. All necessary tools for this purpose are available. They are reflected in the set of measures to control and reduce inflation," Prime Minister said.

The Head of Government emphasized that it was also necessary to intensify work to reduce the share of the state in the economy. Thus, activities within the framework of the Comprehensive Privatization Plan should be implemented strictly in accordance with the roadmaps. At the same time, special attention should be paid to ensuring transparency of the privatization process.

In conclusion, Prime Minister emphasized the importance of timely implementation of the Comprehensive Plan to counteract the shadow economy for the next 3 years and activities, the financing of which is provided for by the budget.

Source: Official Information Source of the Prime Minister of the Republic of Kazakhstan

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