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K. Bishimbayev: most difficult period for Kazakhstans economy passed

by October 25, 2016 Legal

At the press conference, which followed the meeting of the Government of the Republic of Kazakhstan, Minister of National Economy Kuandyk Bishimbayev briefed on the factors that influenced the economic growth in Kazakhstan

At the Governments meeting K. Bishimbayev informed that Kazakhstans GDP grew by 0.4% over the 9 months.

We believe that the most difficult period for the Kazakhstans economy has passed. According to our estimates, it was during the 1st quarter of 2016, when the oil prices were the lowest. Then we observed the consequences of transition to a free floating exchange rate, which was finally completed in September-October 2015. It of course required adaptation on the part of companies, SME. Since June this year, there is a consistent economic growth, the Minister said.

According to the Minister, the economic growth was affected by a change of conditions for the main export products of Kazakhstan, including oil and iron ore, as well as a record harvest in agriculture collected this year.

The big influence also has the Nurly Zhol infrastructure development program adopted by the initiative of the Head of State and anti-crisis plan of the Government and National Bank, the Minister said.

Source: Government of the Republic of Kazakhstan