Today at the meeting of the Government chaired by the Prime Minister Bakytzhan Sagintayev, the results of the country's socioeconomic development and the execution of the republican budget for the first quarter of 2018 were considered.

Minister of National Economy, Timur Suleimenov, reported that in the first quarter, positive trends in the country's economy remained. GDP growth for the reporting period was 4.1% against 3.6% in the same period in 2017.

"Such dynamics are ensured by the continued growth of industry, agriculture and services. Also, the high growth of investments and low inflationary processes contribute to GDP growth," Timur Suleimenov said.

According to the Ministry of National Economy, industrial growth amounted to 5.3% (in the first quarter of 2017 — 5.8%). At the same time, the manufacturing industry shows faster rates. In the mining industry, production increased by 5.1%. In this sector, natural gas production grew by 6.2%, oil — by 6.1% and iron ore — by 3.7%.

The manufacturing industry showed an increase of 6.2%. Double-digit growth is observed in the production of paper products (14.9%), chemical industry (14.3%) and pharmaceuticals (10.2%). Other manufacturing industries are also growing rapidly: machine building (9.0%), furniture production (8.5%), beverages (8.1%), food products (6.5%), and metallurgy (5.6%).

The dynamics has improved in agriculture. The growth was 3.6% against 3.3% in January-February. Acceleration took place due to the expansion of livestock products by 3.8%.

In the first quarter, the volume of construction work went to the growth path after a two-month drop. The growth in construction was 5.9%.

Investments in fixed assets increased by 39.5%. Investment inflows increased in the transport sector (by 58.5%), construction (by 57.2%), industry (by 51.6%), and trade (by 47.3%).

"The situation in the labor market remains stable. In March, the unemployment rate remained at the level of 4.9%. Wage growth is observed. In January-March, the average monthly wage in real terms increased by 2.4% to 153.2 thousand tenge," Timur Suleimenov summed up.

Chairman of the National Bank, Daniyar Akishev, reported on the state of inflation in the first quarter of 2018. Inflation since the beginning of the year was 1.8%. This value is 0.5 pp lower than in the same period of 2017. In annual terms, inflation was 6.6%.

In his turn, the Minister of Finance, Bakhyt Sultanov noted that the state budget revenues in the reporting period were fulfilled by 107.8%, including the republican budget — 101.9% and local budgets — 124.6%. Expenditures of the state budget amounted to 95.7%, republican — 96%, local budgets — 97.7%.

At the same time, the Minister of Finance highlighted the peculiarity of the past reporting period — the beginning of the work of the local government budget. In the first quarter, their accounts received 28 billion tenge, they incurred expenses amounting to 22 billion tenge. The Treasury bodies provide 1078 state institutions of the 4th level of the budget.

In the first quarter, 182 contracts on public-private partnership projects were signed for 235.2 billion tenge.

The funds allocated for the state program Nurly Zhol were executed by 99.9% and amounted to 37.3 billion tenge.

Regarding the tasks ahead, B. Sultanov singled out the main ones. First, the revenues to the republican budget have been increased by 189 billion tenge. Therefore, it is necessary to ensure the implementation of the updated plan and maintain the current growth rates of income.

Second, it is planned to launch the remaining 15 customs procedures in the information system Astana-1, which will reduce the time of import and will give about 12 billion tenge of additional revenues to the budget.

"Third, we will monitor the timely execution of the measures envisaged in the draft of the specified budget for the implementation of the President's Five Social Initiatives and the implementation of the Addresses of the Head of State," B. Sultanov summed up.

Minister for Investments and Development, Zh. Kassymbek, the First Vice Minister of Energy, M. Dosmukhambetov, reported on the results of work in the first quarter of 2018.

Following the results of consideration of the issue, the Prime Minister Bakytzhan Sagintayev noted that according to statistical data, GDP growth was 4.1%.

"The Head of State tasked the Government to achieve better results to ensure economic growth," said Bakytzhan Sagintayev.

In this regard, to ensure the further growth in economic sectors, central and local executive bodies are instructed to continue the implementation of systemic measures to address the tasks set by the Head of State.

The control was assigned to the First Deputy Prime Minister A. Mamin.

 

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