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24 January 2019
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Kazakhstan's GDP increased almost by 4% from the year's beginning12.06.2018
Economy  21:44

The results of social and economic development for January-May of 2018 were announced by Minister of National Economy of the Republic of Kazakhstan Timur Suleimenov at the session of the Government. He noted that the GDP growth was 3.9%. The growth of the economy, according to the Minister, occurs in the background of the ongoing slowdown of inflationary processes and high investment activity.

"The inflation has made up 2.4% since the beginning of the year. The annual inflation was fixed at 6.2% (May to May), that is the lowest indication for the last 3 years. As of June 1 of the present year, the international reserves of the country increased by 1.4% to 90.4 billion dollars, the reserves have increased by 1.4%, assets of the National Fund have increased by 1.5% to 59.2 billion dollars," said the Minister.

According to the data provided by the Ministry of National Economy, manufacturing remains stable increase. The increase was 5.4%.

"The mining sectors keep the reached development paces. The key support of growth of extractive industry is provided by oil and gas industry. Oil production increased by 6.4%, and that of natural gas by 6.5%. At the same time, positive input of ore extraction remains. The increase was 3.6%. The manufacturing industry continues to place trends in the dynamics of industrial production. The increase was 5.5%. Among processing industries, the double increase was in production of paper, chemical products and car building," said Timur Suleimenov.

In addition, as the Minister noted, the main processing industries also introduce their positive input. For instance, the production of drinks increased by 8.1%, foods products – by 6.3%, and refined petroleum - by 4.3%, pharmacy – by 6.1%, as well as ferrous metallurgy – 6.0%.

"The volumes of agriculture did not undergo through changes and reman at the positive mark of 3.9%. The increase is provided by sustainable increase of livestock products by 4%," he said.

In turn, the construction sector demonstrates uneven dynamics during the year. Growth dynamics of the construction sector being increased to 5.9% in the 1st quarter have reached a zero indication following January-May to 0.3%.

The amount of investment in the fixed capital also demonstrates a positive trend from the beginning of the current year. It increased by 25.3%. That is, according to Suleimenov, is caused by modernization of the Shymkent Refinery and implementation of a draft of the future expansion at Tengiz.

Source: BNews.kz

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