Kazakhstan’s Economy Grows Nearly 5% from January to August

ASTANA – Kazakhstan’s economy expanded by 4.9% in January-August, including a 4.4% growth in the real sector and a 4.8% increase in the service sector, Deputy Minister of National Economy Azamat Amrin announced at a government meeting on Sept. 13, according to the Prime Minister’s press service.  

Photo credit: outlookindia.com.

Positive dynamics were observed in the main industries, with the most significant growth in construction, trade, information, and communications.

“The growth rate of investment in fixed capital was 12.2%. The influx of investments increased in transport and warehousing by 49%, education by 31.9%, trade by 30.1%, agriculture by 20.7%, and industry by 8.5%, including in the mining industry by 5.7%,” said Amrin.

Preliminary results indicate that foreign trade turnover increased by 5.7% from January to July and reached $79.5 billion. Exports totaled $44.8 billion, while imports accounted for $34.7 billion, resulting in a positive trade balance of $10 billion.

According to Amrin, the manufacturing industry has maintained growth rates, with production volume increasing by 3.1%.

Deputy Prime Minister and Minister of Finance Yerulan Zhamaubayev stated that the state budget generated 12.5 trillion tenge ($27.1 billion) in revenue during the reporting period.

Kazakh Prime Minister Alikhan Smailov noted that the country experienced a decrease in inflation to 13.1% due to the measures taken. He directed government agencies and regional akimats (administration) to continue efforts to stabilize food prices and stimulate food production.

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