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Kazakhstans economy grows by 1% over the year 2016

by February 4, 2017 General

In 2016, Kazakhstans economy grew by 1%, which was confirmed by an increase of the main industrial and the number of manufacturing indicators. This was announced at the enlarged meeting of the Government of Kazakhstan chaired by the President of Kazakhstan Nursultan Nazarbayev.

According to the Minister of National Economy Timur Suleimenov, the main macroeconomic indicators in 2016 remained at a positive level, despite the impact of adverse external factors.

Early last year, the international prices in commodity markets dropped significantly. However, the measures taken under the Nurly Zhol state program, industrial programs, joint anti-crisis plan of the Government and the National Bank allowed ensuring the economic growth and macroeconomic stability in the country. According to the data available, GDP growth amounted to 1% in 2016.

Last year, the economic growth was positively affected by such sectors as agriculture (5.5% growth), transport (3.8%), manufacturing (0.7%), and construction (7.9%).

Also, the volume of investments in fixed capital increased by 5.1% in 2016 amounting to 7.7 trillion tenge. Investment amount increased significantly in agriculture, mining, trade, real estate transactions.

At the same time, the Minister reported that the Ministry will focus this year on the tasks set in the Presidential Address, priority state programs, and will continue the work on improving the conditions for doing business.

The economy is forecast to grow by at least 2% by the end of this year. In terms of sectors a significant increase will be demonstrated in mechanical engineering, mining, food production. We also expect further growth in agriculture, construction industry, transport and logistics, T.Suleimenov said.

Source: Government of the Republic of Kazakhstan