Kazakhstan economy growth for 10 months amounts to 4.9%

Results of social and economic development and execution of the republican budget for Jan-Oct of this year were considered at the Government session chaired by Prime Minister of Kazakhstan Alikhan Smailov.

As the Minister of National Economy Alibek Kuantyrov reported, during the reporting period the growth rate of Kazakhstan's economy reached 4.9%. Positive dynamics in the real sector amounted to 3.8%, in services sector 5.4%. Among the sectors of the best indicators demonstrate construction, trade, information and communication, as well as transportation.

The growth rate of investments in fixed assets reached 12.6%. Their inflow increased in such spheres as transportation and warehousing by 58%, health care by 40%, trade by 38%, education by 18%, agriculture by 8.7%, industry by 8.3%.

According to preliminary results, in Jan-Sept. foreign trade turnover of the republic increased by 2.4% to $102 bln. Exports amounted to more than $57 bln, including exports of processed goods $18 bln, imports of goods more than $44 bln. The positive trade balance of the RK is equal to $13 bln.

According to Vice Minister of Finance Dauren Temirbekov, for 10 months the state budget received 15.5 trillion tenge of revenues, the plan was fulfilled by 98.3%. In particular, the republican budget was replenished by 10.5 trillion tenge, local budgets by 5.1 trillion tenge. At the same time, the state budget expenditures were executed by 98.2%, the republican budget by 99.4%, local budgets by 97.2%.

Prime Minister emphasized that the country's economy has adapted to difficult conditions and maintains growth rates. In particular, a positive trend is shown by the real sector, which continues to be a factor of stability of the economy.

Thus, the machine-building industry grew by 27%, including the automotive industry by 42%, the mining industry - by more than 6% due to the growth of oil and natural gas production, the manufacturing industry grew by over 3%. 

Significant growth was recorded in the light industry by almost 12% due to an increase in the output of textile products. The production of plastic products increased by 5.5%, foodstuffs by 3% and beverages by almost 2%.

High rates at the level of 12.5% were ensured in the construction sector over 13 million square meters of housing were commissioned. In the services sector, the growth is observed in trade by more than 10%, communications by 8% and transportation by 7%. 

In general, positive dynamics is noted for all major indicators in the regions of Abay and Zhetisu, West Kazakhstan, Kyzylorda regions and in the city of Almaty.

"All regions by the end of this year should ensure the achievement of target indicators of socio-economic development. An important factor of economic growth is attraction of private investments. This is our priority task," Alikhan Smailov noted.

He pointed out that state bodies and regions need to work on attracting investment, as well as to ensure the implementation of planned projects.

"The head of state has set a task for each medium-sized enterprise to expand production 2-3 times. It is necessary for responsible government agencies, akimats together with the National Chamber "Atameken" to take specific measures to implement this order," Prime Minister said.

According to him, in general, business should be more actively supported in the expansion of existing production facilities and creation of new enterprises.

As Head of the Government noted, due to timely measures taken in the republic it has been possible to reduce inflation to 10.8%. At the same time, to achieve the goal of reducing inflation by 2 times by the end of the year, state bodies and akimats need to ensure the implementation of all planned steps in the framework of the Set of measures to control and reduce inflation.

"There are 1.5 months left till the end of the year. It is necessary to maintain the trajectory of economic growth, to ensure the achievement of all targets," Alikhan Smailov concluded.

#Alikhan Smailov #The Prime Minister of the Republic of Kazakhstan #Government session #Inflation #Republican budget #Socio-economic development

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