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Kazakhstan's GDP grows by 4.4 pct

17 December 2019 15:26 (UTC+04:00)
Kazakhstan's GDP grows by 4.4 pct

By Abdul Kerimkhanov

Kazakhstan has the largest economy in Central Asia and the country has been showing steady economic growth in recent years.

Kazakhstan’s GDP grew by 4.4 percent year-on-year in the period of January-November 2019, Prime Minister Askar Mamin said recently while discussing the results of the country's socio-economic development and the implementation of Kazakh budget for 2019.

Mamin said that positive dynamics were observed in construction - 12.1 percent, trade - 7.5 percent, transport - 5.6 percent, manufacturing sector, including engineering - 19.2 percent, automotive - 64 percent, light industry - 16.6 percent, non-ferrous metal production - 6.8 percent, coke and oil products - 5.3 percent, metal ore production - 15.7 percent, communication services - 4.7 percent, industry - 3.6 percent.

The assets of the National Fund increased by 4.3 percent to $60.5 billion, revenues to the budget of Kazakhstan- 9.6 billion tenges ($24.96 million or 100.2 percent of the plan), the growth rate was 117.6 percent.

Mamin positively evaluated the work of the akimats of Aktobe, Zhambyl, East Kazakhstan, Karaganda and Turkistan Regions, which have experienced high growth in the economy over the 11 months of 2019, lagging akimats indicated the need for appropriate measures to correct the situation with problematic indicators.

Akims and heads of state bodies were heard who allowed the non-development of budget funds.

“On the revenue side of the budget, the current year plan has been overfulfilled. However, a number of administrators nevertheless allow non-development of budget funds,” Mamin noted.

Kazakh PM instructed the administrators of budget programs to take measures to the full utilization of allocated budget funds by the end of the fiscal year (December 20, 2012).

Minister of National Economy Ruslan Dalenov, Chairman of the National Bank Erbolat Dossaev and First Deputy Prime Minister – Minister of Finance Alikhan Smailov reported on the state of the economy, the banking sector, the implementation of the republican budget, and local content in government procurement.


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

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