Tuesday April 23 2024

Kazakhstan's GDP grows by 4.4 pct

14 November 2019 14:29 (UTC+04:00)
Kazakhstan's GDP grows by 4.4 pct

By Abdul Kerimkhanov

Kazakhstan's economy has been showing upward growth trend in the recent years.

In January-October 2019, the country's GDP growth amounted to 4.4 percent compared to the same period in 2018.

This was revealed during the government session chaired by Prime Minister Askar Mamin on November 12 on the results of the country's socio-economic development and the implementation of the republican budget for January-October 2019.

In the reporting period, the growth has been observed in construction – 12.7 percent, trade – 7.5 percent, transport – 5.6 percent, manufacturing, including engineering – 18.2 percent, light industry – 19 percent, non-ferrous metal production – 7.5 percent, oil refining – 7.2 percent, metal ore mining – 16.1 percent, communication services – 4.5 percent.

In addition, the assets of the National Fund increased by 2.1 percent to reach $59.2 billion, revenues to the republican budget – 8,39 billion tenges ($21.5 million or 100 percent of the plan) - 113.7 percent.

Kazakh PM heard reports by governors of the West Kazakhstan, Kyzylorda, Mangystau regions, as well as the city of Nur-Sultan, which are lagging behind in a number of economic indicators, as well as the heads of ministries with the most undeveloped budgetary funds.

Mamin instructed the heads of regions and ministries to step up work to fulfill the tasks set by ex-president Nazarbayev and incumbent President Tokayev, as well as to stimulate the growth of key industrial indicators.

The prime minister positively evaluated the work of the Akimats of Aktobe, Akmola, East Kazakhstan, Pavlodar and North Kazakhstan regions, which have seen an increase in basic economic indicators for the first 10 months of 2019. The administrations that were lagging behind in terms of their economic indicators, were instructed to take comprehensive measures to correct the situation with problematic indicators.

"Regarding the budget part, the plan for the current year is overfulfilled in comparison to the last year. However, a number of budget program administrators are under-utilizing budget funds. Arguments on failed tenders, unfair contractors and changes to financing plans are not accepted. There is a month and a half left until the end of the year," Mamin stated.

He emphasized that in order to ensure high-quality and sustainable economic growth, it is necessary to focus on attracting investment, creating jobs, increasing productivity and improving the welfare of citizens.

Minister of National Economy Ruslan Dalenov, Chairman of the National Bank Erbolat Dossaev, First Deputy Prime Minister – Minister of Finance Alikhan Smailov reported on the state of the economy, banking sector, execution of the republican budget, local content in government procurement, the industries and transport. In addition, Minister of Industry and Infrastructure Development Beibut Atamkulov reported on export products, Minister of Agriculture Saparkhan Omarov – on agricultural sector, First Vice Minister of Energy Makhambet Dosmukhambetov – on oil and gas industry.


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

Follow us on Twitter @AzerNewsAz

Latest See more