Kazakh GDP grows 4.3 percent over eight months, says PM

NUR-SULTAN – Kazakhstan’s GDP grew 4.3 percent from January-August compared to the corresponding period of 2018, Prime Minister Askar Mamin said at the Sept. 10 government session.

Prime Minister Askar Mamin and ministers. Photo credit: primeminister.kz.

Positive growth was observed in areas such as manufacturing, including engineering (18 percent); non-ferrous metal mining (17.9 percent); light industry (17.4 percent), oil refining (6.2 percent); agriculture (3.6 percent) and communication services (3.4 percent).

For the third consecutive month, inflation remained a low 0.2 percent. The annual 5.5-percent inflation rate is within the target corridor.

Mamin highlighted GDP growth in the Atyrau, East Kazakhstan, Karaganda, Kyzylorda, North Kazakhstan and Turkistan regions.

The per capita nominal cash income of the population in January-May was 486,000 tenge (US$1,247). The figure is a 10.8-percent increase in nominal terms and 1.7 percent hike in real terms compared to the corresponding period of 2018.

“Last week, the head of the state presented the state-of-the-nation address to the people of Kazakhstan, which reflects the continuity of the policy of Elbasy (First President of Kazakhstan Nursultan Nazarbayev) and sets a number of basic tasks for the government aimed at further development of the economy. The main task for the government is to ensure annual sustainable GDP growth and bring it to 5 percent and higher by 2025,” said Mamin, instructing the line ministries to strengthen work to achieve the established target indicators.

National budget revenue for the first eight months of the year was 6,958.3 billion tenge (US$18 billion), which is 101.1 percent of the planned amount, and the growth rate was 119.2 percent. Budget use for the reporting period was 98.9 percent.

Mamin directed implementing budget funds in a timely manner in response to the observations by a number of programme administrators regarding incomplete budget execution. 

The session also included presentations to Minister of National Economy Ruslan Dalenov, National Bank Governor Erbolat Dossaev and First Deputy Prime Minister – Minister of Finance Alikhan Smailov.