Today’s Government meeting chaired by Prime Minister Bakytzhan Sagintayev has considered the results of Kazakhstan’s socio-economic development for January-September of 2017.

Minister of National Economy Timur Suleimenov reported that during the reporting period, Kazakhstan’s economy maintained the growth rate gained in January-August, at 4.3 %. This is facilitated by macroeconomic stability and the investment activities, as well as favorable conditions in foreign markets.

It was noted that due to the measures taken within the framework of state and sectoral programs, positive trends are observes in all sectors of the economy. Thus, the main drivers of the economy are industry, construction, trade, transportation and communications.

Industry since the beginning of the year demonstrates a steady growth, which in January-September was 8.3%. The volume of production in the mining industry increased 11.3%. The growth of manufacturing industry was 5.7%. Significant growth is observed in industries focused on the domestic market, primarily, the production of pharmaceuticals, light industry, food and beverage products, and petroleum products.

Stable growth rates are also demonstrated by export-oriented industries, for example, ferrous metallurgy production grew 7.8%, non-ferrous metal production - 6.6%.

In agriculture, growth remains at 1.9%, while construction accelerated from 0.1% in January-August to 3.5% in the 9 months of this year.

High growth rates in the real sector of the economy are accompanied by the gradual entry into the trajectory of stable growth in the service sector. During the 9 months of this year, transportation services increased 4.7%, trade and communications - 3%, as well as real estate transactions - 2.1%.

Investment growth dynamics are gradually improving, which positively affects the development of the economy. In the 9 months of this year, the volume of investments in fixed assets increased 4.4%. The greatest increase in investments is observed in trade and construction, as well as in industry as a result of ongoing modernization of heat and water supply networks.

The growth of investments in fixed assets was primarily ensured by internal sources, while external sources of financing are reducing.

Against the backdrop of the stable macroeconomic situation, gross inflow of foreign direct investment increased 8.6% to 10.5 billion USD in the first half of 2017. At the beginning of October, the country's international reserves amounted to 89.4 billion USD due to the growth of gold and foreign currency reserves by 10.2%.

The results of nine months demonstrate a positive trend in all areas of socio-economic development. In view of this, by the end of the year, the economy is expected to grow at least 3.4%.

www.primeminister.kz

Published: 17 October 2017

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