Kazakhstan’s GDP Grows 2.8 Percent Over Nine Months

ASTANA – Kazakhstan’s GDP grew by 2.8 percent between January and September, said Chairperson of Kazakhstan’s National Bank Galymzhan Pirmatov at an Oct. 26 press conference.

Photo credit: inbusiness.kz

According to him, this figure corresponds with the forecasts.

“The slowdown in business activity is caused by slow growth dynamics in the mining industry. The repairs at the mining fields and the accident at the Kashagan plant affected the growth. The positive dynamics are observed in the manufacturing industry, trade, information and communications, transport and agriculture,” Pirmatov explained.

He noted that economic development tends to stay consistent with forecasts.

“GDP growth will be ensured by a positive trajectory of domestic demand and real exports against the backdrop of the current price environment, as well as a recovery in oil production by the end of the year. Growing inflationary processes threaten the nation’s long-term economic development,” said Pirmatov.

The National Bank has also increased its base rate to 16 percent, seeing that the inflation rate exceeded expectations and comprised 17.7 percent.

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