Today at the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, Ministers of National Economy, T. Suleimenov, Finance – B. Sultanov, Investments and Development – Zh. Kassymbek, Energy – K. Bozumbayev, as well as First Deputy Chairman of the National Bank, O. Smolyakov, reported on social and economic development results and execution of the republican budget for 4 months of 2018.

According to Timur Suleimenov, economic activity in Kazakhstan continues to show positive dynamics.

In general, the economic recovery is accompanied by a decrease in inflationary pressure and high investment activity. Since the beginning of the year inflation has remained at 2.2%. As for the similar period of 2017, it is lower by 0.5 pp. Annual inflation is fixed at 6.5%. It is ensured that inflation is kept in the new corridor (5-7%).

"The labor market remains stable. Since the beginning of this year, 134.8 thousand people have been employed. Since the beginning of this year, real wage growth has been observed. It was 1.2%. In January-April, the average monthly salary was 152.3 thousand tenge," T. Suleimenov summed up.

As noted by the First Deputy Chairman of the National Bank, O. Smolyakov, gold and currency reserves of the National Bank grew by 3% against the corresponding period of the last year (up to $30.6 billion). At the same time, the assets of the National Fund for the same period decreased by 5.6% (to $59.3 billion).

The foreign trade turnover for January-March 2018 amounted to $21 billion and in comparison with the corresponding period of 2017 increased by 24.3%, including exports — $13.8 billion (an increase of 27%), imports — $7.2 billion (by 19.4% more).

In his report, the Minister of Finance B. Sultanov noted that the revenues of the state budget (excluding transfers) for the reporting period have been fulfilled by 105.1%, including the republican — by 100.9%, local budgets — by 117.1%.

The republican budget received 1781.7 billion tenge. This is 16 billion tenge more than the plan and 173 billion tenge more than in the four months of the last year. The growth rate is 110.7%. Overfulfilment was mainly due to taxes. Of them, due to the excess profit tax — 8.5 billion tenge, the export customs duty on crude oil — 32.1 billion tenge.

Revenues of local budgets were exceeded by 106 billion tenge and amounted to 728 billion tenge. The expenditures of the state budget were fulfilled by 96.6%, the republican budget — 96.9%, local — 98%.

"The main task now is that the additional funds allocated in the specification of the budget in time to reach the end consumers and the economic turnover. We will carry out this work together with the administrators of the republican budget programs and local executive bodies," B. Sultanov assured.

According to the Minister for Investments and Development, Zh. Kassymbek, the index of physical volume for the main indicators of the industry has been fulfilled. Thus, for the period of January-April, the IPV of iron ore amounted to 103.9%; for extraction of non-ferrous metal ores — 102.1%; on the production of pharmaceutical products — 107.7%; for metallurgy — 104.1%; for construction — 102.1%. IPV for transport for January-April of this year amounted to — 104.6%.

Reporting on the preliminary results of the main economic indicators of the energy sector for 4 months of 2018, Minister of Energy, Kanat Bozumbayev, noted that the volume of oil and condensate production is 105.9% compared to the same period in 2017, or 104.5% to the plan of 4 months of this year.

"For 4 months, about 24.1 million tons of oil have been exported, which is 104.3% compared to the same period in 2017. The volume of oil refining amounted to 5.1 million tons of oil or 104.6% to the plan for 4 months," Kanat Bozumbayev said.

In accordance with the request of the Ministry of Agriculture, the demand for diesel fuel is fully met. The recommended price of diesel fuel for carrying out spring field works for March 2018 was 156 000 tg/t (130 tg/l).

The performance targets of the corresponding period of the previous year for gas production, its export, and production of liquefied gas have also been achieved. Compared to the same period in 2017, 8% more electricity has been generated. The volume of coal production is 103.2% compared to the same period last year.

Following the consideration of the issue of socio-economic development of the country and execution of the republican budget for 4 months of 2018, the Prime Minister Bakytzhan Sagintayev instructed the heads of the economic block of the Government to take effective measures to ensure further growth of the economy.

At the same time Bakytzhan Sagintayev noted that it is necessary to remember the tasks set by the Head of State to the Government in order to achieve better results to ensure economic growth.

 

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