A growth by 5% is shown by Kazakhstan economy in first half of 2023

According to primeminister.kz, the government considered the results of social and economic development of the country and the execution of the republican budget for January-June this year at the session.
According to Minister of National Economy Alibek Kuantyrov, Kazakhstan’s economy grew by 5% on average (real sector 4.8%, services sector 4.9%) at the end of the first half of the year. Positive dynamics are noted in all major industries, but construction, trade, information and communication demonstrate the best indicators.
Investments in fixed assets grew up to 13%. The increase of their inflow reached 57% in transportation and warehousing, 32% in trade, 22% in agriculture, 21.5% in education, 10.9% in industry and 11.4% in mining.
Preliminary results show an increase of foreign trade turnover by 8%. Totally it reached $55.8 billion in January-May. The amount of $31.6 billion was reached by exports, while an increase by 3.8% to $10.2 billion was shown by exports of processed goods. Imports of goods reached $24.2 billion. Total positive trade balance of the republic is at $7.4 billion.
Deputy Prime Minister – Minister of Finance Yerulan Zhamaubayev said that more than 9.2 trillion tenge of revenues (the plan was fulfilled by 102.3%) were received by the state budget. Particularly, 6.1 trillion tenge (94.7%) replenished the republican budget, 3.1 trillion tenge (121.7%) went to local budgets. They executed state budget expenditures by 99.3%, republican by 99.4%, local by 99.5%.
As Prime Minister of Kazakhstan Alikhan Smailov emphasized, mining and manufacturing industries, construction and services made the main contribution to economic growth in the reporting period.
The production in machine building grew almost by 30%, including automobile production (by 40%), production of locomotives and railcars (by 36%) and electrical equipment production (by 35%). Light industry grew by 24%, including textile production by almost 42%.
The increase in crude oil production by 5.6% and natural gas production by 2.5% ensured positive dynamics in the mining industry. The growth of construction industry attained more than 12%, agriculture 3% and the service sector almost 5%.
An increase was also demonstrated by the output of beverages, food products, plastic products, mineral products and finished metal products in the republic.
The results of 6 months show that Abay, Akmola, West-Kazakhstan, Kostanay regions, Almaty and Shymkent cities are the leaders in all major macro-indicators.
At the same time, industrial production in Aktobe region decreased by 8.4%, in Karaganda region by 7%, in Kyzylorda region by 1.7% and in West-Kazakhstan region by almost 1%. A decrease by 1.9% was shown by investments in fixed capital in North Kazakhstan region and by 0.7% in Ulytau region.
As Alikhan Smailov said, measures to correct the situation need to be taken until the end of the year by these regions.
According to Head of the Government, by the end of this year it is necessary to ensure the achievement of at least 5% economic growth, which will be a factor in further improving the quality of life of the population. Such needs as strengthening work on diversification of the economy and creation of permanent jobs were noted by him.
He said that it is also necessary to strengthen work on attracting strategic investors in the conditions of global competition for investments and to work directly with each of them at every stage of interaction.
Curbing price growth is another important task. The measures taken in the half-year slowed down the inflation to 14.6% in annual terms.
Prime Minister emphasized on the task to reduce inflation this year by 2 times by taking coordinated and preventive actions. The reduction of inflation to the planned values should be ensured by the Ministry of Trade together with interested state bodies.
The importance of quality implementation of the Comprehensive Privatization Plan, which in the future will reduce the share of the state in the economy of the republic to 14.4% of GDP, was stressed by Alikhan Smailov in conclusion.

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