The Prime Minister of Kazakhstan

Download the App for Android

High dynamics of Kazakhstan’s socio-economic development steadily maintained since the beginning of this year — T. Suleimenov

13 March 2018, 13:52

At the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, Minister of National Economy, Timur Suleimenov, Chairman of the National Bank, Daniyar Akishev, and Minister of Finance, Bakhyt Sultanov, reported on the results of socio-economic development of Kazakhstan for January-February 2018.


According to Timur Suleimenov, in the current year, following the results of two months, stable growth dynamics remains. All the main indicators have been achieved.

"GDP growth for the reporting period was 4% against 2.5% in the same period last year. Such dynamics is ensured by the growth of the manufacturing industry and the service sector. Also, investment and domestic consumption have increased. Inflation slowed and since the beginning of the year amounted to 1.3%. This is the lowest value of recent years. In annual terms, inflation was 6.5%," T. Suleimenov informed.

In two months of this year, international reserves of the country increased by 2% to $90.8 billion. Gold and exchange currency reserves grew by 2.2% (to $31.4 billion). The assets of the National Fund increased by 1.8% (to $59.4 billion).

"The growth in industry amounted to 5.6%. The volume of production in the mining industry grew by 5.5%. The increase is linked to the increase in gas production by 7.3%, oil — by 7.2% and iron ore — by 3.9%," T. Suleimenov noted.

The manufacturing industry showed an increase of 6.1%. Double-digit growth is observed in the production of paper products — 15.6%, chemical industry — 14.2%, production of beverages — 10.7% and furniture — 10.3%. Other manufacturing industries also show growth: pharmaceuticals — 9.8%, engineering — 8.8%, food production — 6.2%, metallurgy — 6%.

Also, according to the Minister, there was 3.3% growth in agriculture due to the increase in livestock production by 3.4%. The construction sector recorded a reduction of 4.5%. The release of services grew by 4.1% against 1.5% in the same period last year. Trade grew by 7.0%. Transport grew by 4.4%, communication — by 5.7%, accommodation and food services — by 1.9%.

"Investments in fixed assets increased by 54.4%. Such growth is connected with the modernization and reconstruction of PetroKazakhstan Oil Products Shymkent oil refinery. Also, a third-generation plant is being built and a project for future expansion at the Tengiz field is being implemented. Investments soared in construction — 2.8 times, industry — 1.8 times and trade — 1.6 times," T. Suleimenov noted.

As of February 1, lending to the economy grew by 0.2% to 12.5 trillion tenge. Loans to legal entities in tenge for a long-term period increased by 4.4% (to 3.8 trillion tenge). Loans in foreign currency decreased by 13.9% (to 2.5 billion tenge).

Chairman of the National Bank, Daniyar Akishev, added that for January-February of 2018, the tenge strengthened by 3.6% to 320.30 tenge per dollar. The volume of deposits at the end of January amounted to 17.1 trillion tenge, declining by 2.2% in the month. Deposits in foreign currency decreased by 6.9%, deposits in tenge increased by 2.1%. As a result, the share of deposits in foreign currency decreased to 45.4%.

The Head of the National Bank also noted that in January of this year the volume of new loans was 830 billion tenge, which is 44% more than in January 2017. The total volume of loans to the economy as of the end of January 2018 amounted to 12.5 trillion tenge.

In turn, the Minister of Finance, Bakhyt Sultanov, noted that by the results of two months of 2018, the state budget was filled with a surplus. This was mainly due to overfulfilment of local budget revenues.

"The budget revenues are overfulfilled at all levels, the percentage of execution for expenditures higher than last year's indicators," Bakhyt Sultanov assured.

Бахыт Султанов

According to the minister, revenues from the state budget were fulfilled by 109.9% to the plan for the reporting period, of which 102.4% for the republican budget, 132.2% for local budgets.

"The republican budget revenues came in the amount of 930.7 billion tenge. This is 21.5 billion tenge more than the plan, and 60 billion tenge more compared to the same period of the last year. The growth rate was 106.9%. Overfulfilment of the plan was mainly achieved through the severance tax (58.6 billion tenge), and an increase in metal prices by an average of 14.2%," B. Sultanov added.


Stay in touch with the news of the Prime Minister and the Government of Kazakhstan — follow the official Telegram channel