Kazakhstan sees 3.5 pct GDP growth since New Year
By Abdul Kerimkhanov
Kazakhstan’s rich resource base allows building a strong economy. The country has set a goal - the entry into top-30 most developed countries.
The GDP growth in Kazakhstan in January-February 2019 was 3.5 percent, announced the Prime Minister of Kazakhstan, Askar Mamin, Kazakh media reports.
“GDP growth for two months amounted to 3.5 percent, there is a positive growth trend in the mining industry, mechanical engineering, chemical industry. In general, there is a positive trend,” said Askar Mamin at a government meeting on March 12.
Ruslan Dalenov, Minister of National Economy of the Republic of Kazakhstan, stated that in January the GDP growth was 2.9 percent, such a dynamics was ensured by the growth of the production of goods, as well as the growth of the services sector.
Meanwhile, the inflation rate is in the planned corridor: from the beginning of the year it was 0.8 percent, in annual terms - 4.8 percent.
“There was a change in the dynamics of investment. If last month there was a decline, then in the reporting period, growth was 4.2 percent. The growth is associated with the acquisition of machinery and equipment, as well as with the construction of a compressor station on the Beineu-Bozoi-Shymkent gas pipeline,” the minister said.
According to the Ministry of National Economy, the country's international reserves amounted to $ 88.8 billion, including gold reserves - $ 30.6 billion and assets of the National Fund - $ 58.2 billion as of February 1, 2019.
Meanwhile, the growth of industrial production in January-February was 2.7 percent. In January, it was 1.9 percent. In the mining industry, the dynamics are stable, and in the manufacturing industry there have been positive developments.
In the construction sector there was a reversal in dynamics. The volume of construction work increased by 2.0 percent.
“According to the Ministry of National Economy, in a number of regions there are gaps in the indices of the industrial and construction spheres, as well as investments in fixed capital. In this regard, the responsible state bodies and akimats should jointly conduct relevant activities in order to achieve positive indicators in the first quarter. We must comply with the instructions of the President and ensure GDP growth of at least 5 percent. In order to achieve this goal, we must work actively together,” the Prime Minister concluded.
Kazakhstan is the largest economy in Central Asia. The country exports plastic products, textile materials, vehicles and equipment, confectionery, animal and vegetable fats, flour and dairy products, pipes.
The economy of the republic grows and develops, therefore every year more and more products are exported to other countries.
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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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