• Download the mobile app

Kazakhstan’s economy maintains a moderate growth rate

The meeting of the Government, chaired by the Prime Minister of the Republic of Kazakhstan Alikhan Smailov, addressed the outcomes of the Kazakhstan’s socio-economic development for 10 months of this year.

According to the Minister of National Economy Alibek Kuantirov, for the reporting period, the growth rate of the Republic's GDP amounted to 2.5%. In particular, the real sector of the economy grew by 2.8%, the service sector - by 1.6%. There has been an increase in the following sectors: agriculture (an 8.2 per cent increase), information and communication (a 7.1 per cent increase), construction (a 5 per cent increase), processing industry (a 4.3 per cent increase), trade (a 4.1 per cent increase), transport and warehousing (a 3.9 per cent increase).  

In January-September of this year, the country's foreign trade turnover increased by 35% and amounted to $98.4 billion. The export indicator increased by 47.5% ($63.8 billion), the export of processed goods increased by 37.5% ($19.3 billion). Import amounted to $34.6 billion (a 16.5 per cent increase). In general, the positive trade balance of Kazakhstan reached $29.3 billion (a 2.2-time increase).

According to Deputy Prime Minister - Minister of Finance Erulan Zhamaubayev, the national budget revenue made up KZT12 trillion 427 billion of income (the plan was fulfilled by 104%). In particular, the republican budget revenue made up KZT8.4 trillion (102%), local budgets revenue made up KZT 4 trillion (108.5%). The national budget charges were performed by 96.7%, including those by the republican budget - by 98% (KZT14.5 trillion), local budgets - by 94% (KZT8.1 trillion).

Moreover, Berik Sholpankulov, Deputy Chair of the National Bank delivered his report to the meeting.

After hearing the reports, the Prime Minister stressed that today the country's economy maintains its moderate growth rate, and the real sector continues to be a key factor of its stability, where you can see positive dynamics too. Thus, the output of the processing sector increased by 4.3%, mechanical engineering - by 7.7%, agriculture - by more than 8%.

According to Alikhan Smailov, one of the major factors of economic growth is the attraction of domestic and foreign investments. In general, the growth of investments in fixed assets for the reporting period amounted to 6.7%.

“At the same time, there are efforts in attracting investments in non-extractive industries. High rates were noted in real estate transactions, transport and warehousing, agriculture, and industry,” said the Prime Minister.

He added that according to all the key macro indicators, there is an increase in Kostanay, Akmola, Zhambyl, East Kazakhstan, Kyzylorda regions, Almaty and Shymkent cities. The lowest rates were recorded in Ulytau, Abai and Mangistau regions.

Alikhan Smailov highlighted that we need to strengthen efforts towards further diversifying the economy, attracting investment and creating permanent jobs in order to maintain positive dynamics.

“Akimats of the regions should adhere to the planned indicators, strengthen efforts towards attracting and supporting investments, conduct regular monitoring of the implementation of investment projects,” he said.

Moreover, the Prime Minister stressed that we need to focus on checking to prices, since the greatest inflation is caused by the increases in food prices.

“This indicates the insufficiency of the measures taken, primarily by Akimats,” Alikhan Smailov emphasized.

In conclusion, he emphasized that the regions need to ensure the achievement of the planned indicators of socio-economic development, as well as the effective implementation of the tasks set by the Head of State by the end of the year.

Экономика Казахстана сохраняет умеренный темп роста - Официальный информационный ресурс Премьер-Министра Республики Казахстан (primeminister.kz)