Kazakhstan economy grows by 4.7% in 9 months

The Government session considered the results of socio-economic development of Kazakhstan and the execution of the national budget for January-September this year, primeminister.kz reports. Minister of National Economy Alibek Kuantyrov reported that during the reporting period, the growth rate of the country’s economy amounted to 4.7%. Positive dynamics in the real sector amounted to 3.7%, in services sector amounted to 5.1%. Among the industries, the greatest growth is demonstrated by construction by 12.6%, trade by 10%, as well as information and communication by 8.4%. The growth rate of investments in fixed assets amounted to 12.1%. Their inflow increased in such spheres as transportation and warehousing by 59.4%, trade by 37.5%, education by 23.7%, agriculture by 12.9%, industry by 8.2%, including mining by 4.3%. In January-August, the foreign trade turnover of the republic increased by 4.2% and amounted to $91.1 billion. Exports reached $51.2 billion, including processed goods of $16.2 billion, imports of $39.8 billion. In general, the positive trade balance of the Republic of Kazakhstan is $11.4 billion. Deputy Prime Minister – Minister of Finance Yerulan Zhamaubayev said that at the end of 9 months the state budget received 13.8 trillion tenge of revenues, the plan was fulfilled by 97%. Thus, the republican budget was replenished by 9.2 trillion tenge, local budgets 4.7 trillion tenge. During the same period, the state budget expenditures were executed by 99.3%, the republican budget by 98.6%, local budgets by 99.5%. As noted by the head of the Government, for 9 months for all major indicators there is a positive dynamics in Abay region, West Kazakhstan and Kyzylorda regions, the cities of Almaty and Shymkent. In addition, due to the measures taken, there is a decrease in inflation to 11.8%. There are 2.5 months left till the end of the year. It is necessary to take real measures to increase growth rates in all spheres of the economy,” Prime Minister pointed out. All responsible government agencies and akimats have also been instructed to continue work on stabilization of prices for food products and stimulation of 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,” Alikhan Smailov said. In conclusion, he added that along with this, work should be continued to improve conditions for the development of small and medium-sized businesses, support entrepreneurial initiatives, stimulate the creation of new jobs.

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