Kazakhstan’s GDP Grows 2.5 Percent in January-October

ASTANA – Kazakhstan’s gross domestic product (GDP) grew by 2.5 percent between January and October, said Minister of National Economy Alibek Kuantyrov at a Nov. 15 government meeting, reported the Prime Minister’s press service.

Alikhan Smailov chairs government meeting to address the country’s social and economic development in January-October. Photo credit: Prime Minister’s press service

In January-September of this year, the country’s foreign trade turnover increased by 35 percent to $98.4 billion. The exports grew by 47.5 percent ($63.8 billion), and processed goods exports rose by 37.5 percent ($19.3 billion). The country’s imports reached $34.6 billion, a rise of 16.5 percent.

According to Finance Minister Yerulan Zhamaubayev, the state budget received 12.4 trillion tenge (US$26.9 billion) of income with the plan fulfilled by 104 percent. The nation’s budget was replenished by 8.4 trillion tenge (US$18.2 billion), while local budgets – by four trillion tenge (108.5 percent).

According to Kazakh Prime Minister Alikhan Smailov, the country’s economy maintains a moderate growth rate. The production volume in the manufacturing industry increased by 4.3 percent, mechanical engineering grew by 7.7 percent, and the agriculture sector showed an 8 percent growth.

According to Smailov, the volume of investments in fixed assets for the reporting period grew by 6.7 percent.

Following the meeting, Smailov urged accelerating work on economic diversification, attracting investment, and creating permanent jobs. He focused on the need to take measures to curb price increases, which, in turn, could trigger inflation.  

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