Economic growth in Kazakhstan in the first quarter of this year amounted to 4.9%. This was reported by the Prime Minister of Kazakhstan Alikhan Smailov at the meeting on social and economic development of the country under the chairmanship of the Head of State.

Alikhan Smailov noted that to date, the national economy has adapted to the adverse external conditions and entered the path of stable growth. However, the aggravation of the sanctions policy in the world, the breakdown of supply chains, rising inflation and food prices continue to have a major impact on the global economic slowdown. In particular, the International Monetary Fund raised the global inflation forecast to 7% in 2023, while the global economic growth forecast was lowered to 2.8%.

"Despite the difficult external situation, in 2022 the real growth of our economy was 3.2%. The country attracted $28 billion in foreign direct investment, ensuring 18 percent growth. The real volume of investment in fixed assets increased by 8 percent. Foreign trade turnover increased by 32% and amounted to $134 billion," Prime Minister said.

He added that the number of working small and medium enterprises had increased by 27% to more than 1.8 million units, and the total number of people employed in this sector had grown by 13% to 3.9 million people. As a result, the share of SMEs in the economy has amounted to 36% (33.5% a year earlier).

Head of the Government stressed that measures taken this year had helped to ensure a stable development of the economy. So, in January-March the real GDP growth amounted to 4.9%. Positive dynamics is seen in all main areas: in construction the growth was recorded by 16%, in trade increased by 12%, in transport by 8%, in manufacturing by 5.4%.

In addition, over the past three months fixed capital investment increased by 16% and state budget revenues by 24%. In turn, this allowed to allocate additional 2,2 trillion tenge for social payments, development of health care, education, real economy sector and infrastructure during specification of national budget for current year.

At the same time international reserves of Kazakhstan amounted to $94 billion, in particular, assets of the National Fund increased from the beginning of the last year by $3 billion and reached $58 billion.

Prime Minister added that international rating agencies confirmed the investment rating of Kazakhstan, and Standard & Poor's in March of this year improved its outlook on our economy.

"By the end of this year we have to ensure economic growth of more than 4%. Along with this, the important tasks are to provide the domestic market with domestic goods, stabilize food prices and improve the well-being of our citizens," Alikhan Smailov concluded.

#Alikhan Smailov #The Prime Minister of the Republic of Kazakhstan #Economy