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Thursday, November 21st, 2019

Government considers the results of the socio-economic development of the country for the first half of the year

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The Minister of National Economy Timur Suleimenov reported that in the first half of 2017 Kazakhstan’s GDP grew by 4.2%.

“The economy of Kazakhstan developed in conditions of stabilization of the commodity price environment, increase of economic activity in the countries which are the main trading partners of Kazakhstan, as well as positive expectations regarding the growth of the world economy,” T. Suleimenov said.

In the reporting period, growth in the sphere of industry was registered at 7.8%, agricultural production by 3.1%. The volume of construction work increased by 5.9%. Placing residential buildings in operation increased by 11%.

Along with the manufacturing sector, there is a resumption of growth in services and retail sales. A stable situation is maintained in the country’s financial market. International reserves of the country as of July 1, 2017, including assets of the National Fund, increased by 1.9%.

Deputy Chairman of the National Bank of the Republic of Kazakhstan O. Smolyakov made a report on the situation in the financial market of the country for the first half of the year.

Deputy Minister of Finance of the Republic of Kazakhstan B. Sholpankulov reported on the expenditure and income parts of the republican and local budgets, on measures to improve the banking sector to restore the stimulating role of monetary policy.

The state budget revenues without transfers amounted to KZT 3 407,2 billion or 106,8% to the plan. According to the republican budget, the execution of revenues was 103.8%, on local budgets – 114.3%.

Summing up the results of consideration of the issue of socio-economic development of the country in the first half of the year, the Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev instructed the central and local executive bodies to continue implementing systemic measures to address the tasks set by the Head of State to ensure further economic growth. Moreover, on a permanent basis, it is necessary to monitor the development of budgetary funds.

Source: The Prime Minister of Kazakhstan

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