Ministry of National Economy: GDP growth for three months remains at a steady 4.1%
Today, at the meeting of the Government of the Republic of Kazakhstan chaired by Prime Minister Bakytzhan Sagintayev, Minister of National Economy T. Suleimenov and Chairman of the National Bank D. Akishev reported on the results of the country’s socio-economic development for 11 months of this year.
Reporting on the state of the economy, Minister of National Economy T. Suleimenov noted that GDP growth for three months remained at a steady 4.1%.
The main drivers of economic growth were high investment and consumer demand, as well as manufacturing activity in the basic sectors of the economy. Investments in fixed assets continue to play a key role in the growth of the economy. Over 11 months, their volumes increased by 18.3%, T. Suleimenov reported.
According to the Ministry of National Economy, the expansion of manufacturing activity in industry and agriculture has had a positive impact on the transport sector. Also, trade increased due to low inflation and growth of incomes of the population. In general, the service sector provided a growth of 4% and contributed 2.3 pp to GDP growth.
Foreign trade keeps the pace of steady growth. Growth for 9 months amounted to 21.6%. Exports increased by 28.2%. This is mainly due to the increased supply of petroleum, agricultural products, petroleum gases, aluminum and copper ores.
The situation on the labor market is stable. From the beginning of the year, 468.6 thousand people were employed (as of November 1). Wages are growing dynamically. In January-October, the average monthly salary increased to 159.5 thousand tenge. According to estimates, it grew by 2.2% in real terms, Minister of National Economy T. Suleimenov reported, noting that real incomes increased in January-June in 13 regions of the country.
In general, against the background of a slowdown in inflation, according to the Ministry of National Economy, real money incomes by the end of the current year will remain in the positive zone.
At the same time, T. Suleimenov noted that in connection with the upcoming holidays, consumer demand will grow, respectively, there will be an increase in trade, which will positively affect the GDP.
The Chairman of the National Bank, D. Akishev, in turn, reported that the inflation rate in November was 0.9%. Annual inflation remained at the level of October and amounted to 5.3%. This, according to the NBK, is the lowest annual inflation rate since 2015. It is expected that by the end of the year inflation will be in the target corridor of 5-7%. It was noted that on December 5th of this year, the National Bank decided to keep the base rate at 9.25%. This decision will increase the demand for tenge and assets.
Source: Government of the Republic of Kazakhstan