Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Friday February 22 2019
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Kazakhstan sees 2.9 pct GDP growth in January

12 February 2019 20:17 (UTC+04:00)
732

By Abdul Kerimkhanov

The economy of Kazakhstan is the largest economy in Central Asia. The country has huge reserves of oil, as well as minerals and metals. Kazakhstan also has significant agricultural potential, with its vast steppe lands containing both livestock and grain production, as well as a developed space infrastructure.

The GDP growth in Kazakhstan was 2.9 percent in January 2019, said the Minister of National Economy Timur Suleimenov at a government meeting on February 12.

Suleimenov reported on ensuring growth by maintaining demand in the consumer market, as well as in the mining sectors of industry.

The minister added that the slowdown in the economy was mainly due to the slowdown in the manufacturing industry and construction, as well as a slowdown in investment activity.

He noted that the effect of a high base last year worked in all basic industries in 2018.

Suleimenov stressed that the inflation rate was better than in the same period in 2018. As he said, From the beginning of 2018 it was 0.5 percent, in annual terms - 5.2 percent.

The head of the department noted that against the background of the high base of last year, in January 2019, the volume of investments in fixed assets decreased by 2.5 percent.

The decline, as he noted, is associated with the completion of work on the modernization and reconstruction of the Shymkent oil refinery and the Aksu Ferroalloy Plant.

The country's international reserves amounted to $88.8 billion on February 1, 2019. Among them, gold reserves - $ 30.6 billion, assets of the National Fund - $ 58.2 billion.

Kazakhstan continues to withstand challenges related to lower oil prices and slower growth in Russia, China, and Europe. The authorities’ response -- targeted fiscal support, exchange rate adjustment, strengthened domestic liquidity management, and structural reforms focusing on the business climate and public administration -- has helped stabilize conditions.

Kazakhstan’s real GDP growth is projected to reach 3 percent in 2017-2020, according to the recent S&P Global Ratings report. 

GDP growth is expected due to higher rates of industrial growth up to 3 percent, manufacturing at the level of 2.6 percent, construction up to 2.6 percent, transport, and storage up to 4 percent.

The implementation of government infrastructure development programs and expanding oil production at the Kashagan oil field, one of the world’s largest fields discovered in the past 40 years, are called the main drivers of the nation’s economic growth.

---

Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94 

Follow us on Twitter @AzerNewsAz

  • #TIMUR SULEIMENOV
  • #GDP GROWTH
  • #KAZAKHSTAN

Related News

Kazakhstan's trade with India reaches $ 1.2B

Kazakhstan's trade with India reaches $ 1.2B

19:08
Uzbekistan ranks first in clothing imports in Kazakhstan

Uzbekistan ranks first in clothing imports in Kazakhstan

14:36
President of Kazakhstan: Government should resign

President of Kazakhstan: Government should resign

11:27
Kazakhstan to launch direct flight to U.S.

Kazakhstan to launch direct flight to U.S.

21 February 20:46
Kazakh minister sets task to attract investments to Astana Hub

Kazakh minister sets task to attract investments to Astana Hub

21 February 12:12
Kazakhstan improves its position in OECD country risk rating

Kazakhstan improves its position in OECD country risk rating

20 February 18:19
Kazakhstan plans to export up to 5 mln tons of oil to Uzbekistan

Kazakhstan plans to export up to 5 mln tons of oil to Uzbekistan

20 February 15:44
Azerbaijani designer shines at Fella Fashion Show <span class="color_red">[PHOTO]</span>

Azerbaijani designer shines at Fella Fashion Show [PHOTO]

20 February 15:06
Budget of Kazakhstan's Turkistan region raised by $24.1 million

Budget of Kazakhstan's Turkistan region raised by $24.1 million

20 February 13:47
Kazakhstan intends to become gas exporter

Kazakhstan intends to become gas exporter

19 February 21:25
  • Latest
  • Popular
20:03 • Uzbekneftegaz offers Swiss Bluestone to take Fergana refinery in trust
20:00 • Azerbaijani para-taekwondo fighters grab five medals at Egypt tournament [PHOTO]
19:45 • Azerbaijani oil prices up
19:36 • Azerbaijan plans to modernize forest management system
19:23 • Azerbaijan-Kazakhstan trade turnover hits $258 million in 2018
19:15 • Turkish MP: Turkey will not forget victims of Khojaly tragedy
19:08 • Kazakhstan's trade with India reaches $ 1.2B
19:00 • Baku Metro to receive new railcars
18:48 • Construction of Azerbaijan-Russia bridge to be completed this year
18:37 • DOST centers to open in Baku’s 4 districts
18:20 • Azerbaijani state committee urges Azerbaijanis to take part in rally in Brussels
18:11 • Baroness Emma Nicholson visits Mugham Center [PHOTO]
18:00 • Minister: Projects under Ilham Aliyev let Azerbaijan strengthen its position in transit, logistics
17:51 • Expected volume of Azerbaijan's polyethylene, polypropylene production announced
17:47 • OSCE says there’s some hope for positive dynamic in Karabakh conflict settlement
17:33 • Azerbaijani, Serbian theaters eye cooperation [PHOTO]
17:25 • Highway from Baku to Iranian border to become toll road
17:14 • Turkey’s Ankara to commemorate memory of Khojaly tragedy victims
17:06 • WB: Azerbaijan can serve as example for other countries
16:52 • Sandra Oudkirk: US realizes importance of SGC for Europe’s energy supply
09:45 • Envoy: Azerbaijan, Lithuania on their way to bind relations in transport area
19:08 • Kazakhstan's trade with India reaches $ 1.2B
19:23 • Azerbaijan-Kazakhstan trade turnover hits $258 million in 2018
15:49 • Azerbaijan, Italy prepare new investment agreement
14:12 • Azerbaijan in TOP-3 of best CIS countries for sightseeing
10:00 • Estonian FM: Azerbaijan is one of regional hubs of South-North transit corridor [EXCLUSIVE]
11:15 • Russia considers possibility of supplying gas via Azerbaijani pipeline
14:23 • WB highly appreciates reforms of social sector in Azerbaijan
15:37 • Pakistan intends to modernize railway with Iran
11:00 • Ilham Aliyev attends 5th ministerial meeting of SGC Advisory Council in Baku [PHOTO]
12:39 • President Aliyev: Azerbaijan believes in implementation of SGC project
16:38 • Germany to provide Kyrgyzstan with grant for economy development
14:36 • Uzbekistan ranks first in clothing imports in Kazakhstan
10:04 • Armenia violates ceasefire with Azerbaijan 22 times
12:54 • Precious metal prices down in Azerbaijan
10:17 • TAP’s Italian shareholder issues its first Climate Action Bond
13:07 • Azerbaijan's First VP meets UK Prime Minister's Trade Envoy to Azerbaijan
14:47 • Art project unites incredibly talented artists [PHOTO]
12:43 • Azerbaijani dance ensemble mesmerize Turkish audience [PHOTO]
12:57 • Wanderlust World Guide Awards: Uzbekistan wins as “Top emerging destination”
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2019 AzerNews. All rights reserved