Today, during the meeting of the Government of the Republic of Kazakhstan, chaired by the Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev, the results of socio-economic development of Kazakhstan for January-August of this year were considered.

First Vice Minister of National Economy Ruslan Dalenov reported that economic growth, according to preliminary estimates for the first 8 months of this year, accelerated to 4.3%. Foreign trade has grown by almost a third, inflation has slowed and is within the target corridor. Against this background, rating agencies Moody's and S & P improved the outlook for the sovereign credit rating to stable (Moody's - Baa3, S & P - BBB-, Fitch - BBB).

Positive dynamics is observed in the non-raw material segment of the economy, the contribution of the non-primary sector was 2.3 percentage points, while the contribution of the raw material segment was 1.6 points.

In general, high growth dynamics is observed in four basic sectors out of six (industry, trade, transportation and warehousing, information and communication), slowdown of growth rates is noted in construction and agriculture.

The highest growth rate is demonstrated in industry, amounting to 8.5% due to synchronous growth in mining by 11.3% and processing by 6.1%. This is the maximum growth for the last 6 years. In the mining industry, significant growth was recorded in the extraction of coal, oil, natural gas and metal ores.

In manufacturing, the growth trend is observed in the production of food products (an increase of 5.8%), light industry (11.5%), pharmaceuticals (33.7%), metallurgy (7.6%), refining 6.4%) and engineering (by 6.3%).

At the same time, growth in agriculture, having peaked at 3.1% in June, slowed to 1.9% in January-August as a result of a decline in crop production. The growth of the construction industry, having increased to 5.9% in the first half of the year, slowed in July (0.7%) and approached the zero value for the first 8 months to 0.1%. Slowing down the industry is associated with a decline in the construction of industrial buildings and structures.

Against the background of the resumption of business activity in the manufacturing sector, there is a gradual entry into the trajectory of stable growth in the sphere of services. During the first 8 months of this year, transportation services increased by 4.7%, trade and communications increased by 2.9%.

The Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev noted that it is necessary to continue implementing measures to fulfill the tasks of the Head of State, especially in agriculture and construction, and closely monitor the development of funds within the framework of state programs. The Cabinet of Ministers was entrusted to continue work on preserving the accumulated rates of economic growth.