Kazakh GDP grows 3.8 percent in first quarter of 2019

NUR-SULTAN – Kazakhstan’s GDP rose 3.8 percent in the first quarter of 2019, said Kazakh First Deputy Prime Minister and Minister of Finance Alikhan Smailov at an April 10 meeting of the Kazakh Security Council chaired by the country’s First President, Nursultan Nazarbayev.

Photo credit: primeminister.kz.

Smailov noted a 4.8 percent decrease in inflation. Investments in fixed capital increased 7 percent, while industrial production surged 3.2 percent.

Car production rose 33 percent, he said.

Chemistry and construction materials production and machinery grew 10 percent.

Production in agriculture, a key sector of the Kazakh economy, saw 3.6 percent growth.

External trade grew 7.5 percent in two months with exports demonstrating 11.1 percent growth and imports 0.3 percent growth.

Second tier banks loaned 1.9 trillion tenge (US$5 billion) to Kazakh citizens, 11 percent more than the same period in 2018.

Unemployment reached 4.8 percent, while average real income rose 9.4 percent.

The security council meeting also covered social and economic issues.

In his remarks, Nazarbayev said the political processes currently unfolding in the country, including the recent announcement of a June 9 early presidential election, has drawn the world’s interest.

He said the current leadership will ensure the continuity of political course.

“Going through all trials decently, we have built a successful country known and respected worldwide. As a founder, I am worried about the future of our state and well being of our citizens. All my steps are driven by this,” said Nazarbayev. “Systematic implementation of programmes is a key condition for our development. We need to continue working to provide people with housing, work, quality medical services and education. These all are investments in a bright future.”