Kazakhstan’s Economy Grows in 2017

Kazakh GDP grew 4.1% in January-May compared to the same period in 2016, said Minister of National Economy Timur Suleimenov during a June 13 government meeting. 

Over the same period, inflation was 3.3%. Inflation in annual terms dropped to 7.5% compared to 16.7% in May 2016. Monthly inflation in May this year was 0.5%. 

According to Mr Suleimenov, the volume of investments in fixed assets increased 5.2%, with 5.5% growth in January-April and 3.1% growth in January-March. The growth is explained by the implementation of industrial, innovative and infrastructure projects within the Nurly Zhol (Bright Path) state programme and the State Programme of Accelerated Industrial and Innovative Development (SPAIID). 

In January-April 2017, significant growth in investments was observed in agriculture up 26.3% up to 47.2 billion tenge (US$150 million) and real estate transactions up 13.5% up to 251.8 billion tenge (US$796 million). 

Average nominal income of the population in January-April 2017 was 308,400 tenge ($975) and increased 8.2% in nominal terms compared to the corresponding period in 2016, a real increase of 0.5%. 

Mr Suleimenov said that in January-May, there was a positive dynamic in industry (growth of 7.8%), construction (5.1%), transport (3.7%), agriculture (2.7%) and trade (2.6%). 

Industrial production volume in January-May 2017 increased 7.8%. The growth was significantly affected by the extraction of coal and lignite, oil, metal ore, refined petroleum production and the metallurgical industry. 

In mining and quarrying, production increased 9.2% due to an increase in coal and lignite production of 18.4%, natural gas of 10.2%, non-ferrous metals of 11.7%, oil of 9.5% and iron ore of 8.6%. 

In manufacturing, the increase was 6.8% due to growth in pharmaceutical production by 36.8%, textile production by 29.2%, food products by 8.3%, refining by 7.2% and metallurgy by eight%. Furniture production grew by eight%, paper and paper products by 5.6%, and non-metallic mineral products by 4.5%. 

The volume of construction work increased 5.1%. 

Read full article at: Astana Times

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