The Prime Minister of Kazakhstan

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Government considers results of socio-economic development of Kazakhstan for January 2018

13 February 2018, 13:52
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At the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, preliminary results of the socioeconomic development of Kazakhstan for January 2018 were reported by the Minister of National Economy, Timur Suleimenov.

According to the minister, the high dynamics of the economic development of 2017 has been steadily maintained since the beginning of this year. According to the results of the first month of 2018, GDP grew by 4.0% against 2.4% in January 2017.

"The macroeconomic environment strengthens the slowdown of inflationary processes. Since the beginning of the year, inflation has amounted to 0.6%, which is the lowest level since the transition to the inflation targeting regime. In annual terms — 6.8%," said Timur Suleimenov.

During the first month of the year, the country's international reserves increased by 1.1% to $90.1 billion.

In view of outstripping growth of manufacturing industry and higher growth in service areas, the contribution of the non-raw-material sector of the economy increased to 71% in GDP growth against 60% in the previous year.

Over the reporting period, the volume of production in the mining industry increased by 4.5% due to an increase in oil production by 7%, gas — by 7.2% and iron ore by 3.8%. The driving force in the real sector was the manufacturing industry, whose production volumes increased by 6.2%.

Chemical industry (16%), paper production (14%), beverages (10.5%) and furniture (10.1%) distinguished themselves by double-digit growth. In addition, pharmaceuticals (7.9%), machinery (7.9%), metallurgy (7.4%), foodstuffs (6.0%) continue to show sustained growth, while the rubber and plastics industry made it to the positive area with an increase of 7.3%.

In agriculture, growth was 3.7%, due to the outstripping growth of livestock production by 3.9%.

Increased business activity in the real sector continues to positively influence the services sector, whose output grew by 3.7% against 1.4% in January 2017. Significant growth recorded in trade at 7.5%. The increase in wholesale trade is observed for such goods as gas, oil and oil products, equipment for oil companies, overalls, machinery, pharmaceutical goods, tobacco products, grain, food products.

"In January 2018, investments in fixed assets increased by 65.4%. Significant growth was due to the modernization and reconstruction of the Shymkent PetroKazakhstan Oil Products Refinery, the construction of a third generation plant at the Tengiz field, and the construction of a deep oil refining complex at the Atyrau refinery," Timur Suleimenov summed up.