Kazakh Economy Records 4.7% Growth in January-September

ASTANA – The economy of Kazakhstan grew by 4.7% in January-September, said Minister of National Economy Alibek Kuantyrov during an Oct. 10 government meeting focusing on the country’s social and economic development, reported the Prime Minister’s press service.

Photo credit: mckinsey.

Kuantyrov noted a 3.7% increase in the real sector and 5.1% in the service sector, emphasizing the greatest growth in construction – 12.6%, trade – 10%, and information and communications – 8.4%.

Investments in fixed capital grew by 12.1% with the largest inflow in transport and warehousing – 59.4%, trade – 37.5% and education – 23.7%.

The country’s foreign trade turnover increased by 4.2% and reached $91.1 billion, including $51.2 billion in exports.

According to Deputy Prime Minister and Minister of Finance Yerulan Zhamaubayev, the state budget received 13.8 trillion tenge (US$29 billion) of income with the plan fulfilled by 97%.

Owing to the implemented measures, inflation has decreased to 11.8%, said Prime Minister Alikhan Smailov, instructing relevant state agencies and akimats (local administration) to continue their work aimed at stabilizing prices for food products and stimulating domestic food production.

“It is important to accelerate the implementation of investment projects in non-resource sectors, including manufacturing, agriculture, transport, logistics, IT, tourism and other areas with the involvement of foreign and domestic investors,” said Smailov, focusing on the need to improve conditions for the development of small and medium-sized businesses.

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