Kazakhstan’s Economy Grows Nearly 5% in Ten Months

ASTANA – Kazakhstan’s economic growth reached 4.9% in January-October, with positive dynamics in the real sector totaling 3.8% and in the service sector – 5.4%, said Minister of National Economy Alibek Kuantyrov at a Nov. 15 government meeting chaired by Prime Minister Alikhan Smailov, reported the Prime Minister’s press service.

Alikhan Smailov. Photo credit: primeminister.kz.

An increase was observed in such sectors as the mining industry (6%), the manufacturing industry (over 3%), mechanical engineering (27%), the light industry (approximately 12%), and the construction sector (12.5%).

The growth rate of investment in fixed capital reached 12.6%, with an increased influx in transport and warehousing by 58%, healthcare – 40%, trade – 38%, education – 18%, agriculture – 8.7%, industry – 8.3%.

As stated by Kuantyrov, gas production in the country increased by 9.7%, oil production – 9.3%, and production of other minerals – 14%.

According to preliminary results, Kazakhstan’s foreign trade turnover grew 2.4% to $102 billion in January-September, with exports exceeding $57 billion and imports surpassing $44 billion. The country’s positive trade balance stood at $13 billion.

The Prime Minister emphasized that Kazakhstan’s economy has adapted to difficult conditions, maintaining its growth rate. The country reduced inflation to 10.8% due to the measures taken on time.

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