Astana’s economy grows in first half of 2018

ASTANA – A recent data report published by Astana Akimat (city administration) shows positive trends in basic economic sectors in the first seven months of this year.

Photo credit: nation.com.pk.

Approximately 519.9 billion tenge (US$1.45 billion) of investment was attracted in the first seven months of this year, reported Inform.kz.

The industrial sector has grown 3.1 percent, which is 331.6 billion tenge (US$922.23 million).

The share of foreign investment increased almost threefold from 10.5 percent to 27.1 percent compared to the same period last year.

Similarly, as compared to the last year, off-budget investments increased from 342.4 billion tenge (US$952.26 million) to 461.3 billion (US$1.28 billion) in the period from January till July.  This type of investment comprises 88.7 percent of the fixed capital.

As for small and medium-size enterprises (SMEs), the number of operating entities increased 10.5 percent (107,900 units). On average, about 1,400 new businesses open each month in Astana.

SME production increased by 6.8 percent reaching 908.8 billion tenge (US$2.53 billion) in the first quarter of this year. The share of tax revenues from SMEs is 46 percent, which is about 592.6 million tenge (US$1.65 million).

Approximately 12,650 new jobs were created, which is 16.5 percent more than in the previous year. The SME sector alone created 10,887 new employment opportunities. The unemployment rate for the second quarter was 4.5 percent.

Another positive dynamic was observed in trade development. There was an increase of 3.6 percent with the total volume reaching 650.8 billion tenge (US$1.81 billion).

The input of income from operations (IFO) of housing was 90.1 percent, with 1.5 million square metres of housing being used. The plan for the year is 2.3 million square metres. At the same time, the pace of housing increases monthly. For example, 235,000 square metres were built in July, which is 14.8 percent more than in June.

The IFO of construction works was 80.9 percent or 257.2 billion tenge (US$715.31 million). The forecast for the year is 661.5 billion (US$1.84 billion). The decline in construction is due to the construction of EXPO 2017 facilities, including a new railway station, a terminal at the international airport, the large Mega Silkway shopping centre and new hotels.

Large infrastructure projects are planned for the second half of 2018. Other large projects will also continue development in the second half of 2018, including the building of a new light rail tram system, storm sewerage, thermoelectric power stations, roads, multi-storey residential complexes and other facilities. By the end of the year, it is planned to start projects worth more than 470.5 billion tenge (US$1.31 billion).