Kazakhstan’s GDP grows by 4%

By  Trend

Kazakhstan’s GDP grew 4 percent in January-July 2018, Kazakh Minister of National Economy Timur Suleimenov said at a government meeting, Kazakh media reported.

He said that the main impetus to economic growth was given by the weakening of inflationary pressure, high investment activity and the preservation of positive dynamics in the main sectors of the economy.

“Inflation remains at a three-year low,” Suleimenov said. “Since the beginning of the year inflation was 2.7 percent, and the annual inflation was 5.9 percent.”

In addition, as of August 1, the international reserves of Kazakhstan amounted to $87.7 billion, including the Kazakhstan National Fund assets worth $56.8 billion, gold and foreign exchange reserves worth $30.9 billion, he added.

The minister noted that production in the mining industry increased by 5.4 percent.

“Production of oil grew 6.1 percent, gas by 6.4 percent and iron ore by 7.4 percent, while manufacturing industry growth amounted to 4.9 percent,” Suleimenov said.

In addition, steady growth continues in the chemical industry (10.9 percent), oil refining (4.4 percent), metallurgy (3.6 percent) and paper production (10.1 percent), he noted.