Skip to Content

Ministry of National Economy notes sustainable GDP growth of Kazakhstan

by October 25, 2016 Legal

Minister of National Economy of Kazakhstan Kuandyk Bishimbayev informed on the GDP growth over the 9 months of 2016 at the Governments meeting.

According to preliminary estimates, over January-September 2016 the GDP grew by 0.4% compared to the same period of 2015. There is an increase in production of goods (by 0.2%) and services (0.4%). Since this-year May, the short-term economic indicator, which includes the development dynamics of 6 key industries, has been gradually improving, the Minister informed.

According to the Minister, in the context of slowing inflation since the beginning of this year, the National Bank of Kazakhstan has been gradually reducing the basic rate from 17% in February to 12.5% in early October.

The volume of investment in fixed capital increased by 4.1%, the growth is driven by implementation of industrial-innovative and infrastructural projects within the Nurly Zhol state program and State Program for Industrial and Innovative Development. The volume of direct foreign investment into the economy of Kazakhstan has increased over 6 months of 2016 and reached $5.7 billion, which is 4.4 times higher than last years level, the Minister said.

He noted that the significant investment growth is observed in agriculture, trade, manufacturing, as well as in financial and insurance activities.

Source: Government of the Republic of Kazakhstan