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Tuesday, November 20th, 2018

Results of development for 4 months: B. Sagintayev instructed to ensure higher economic growth rates

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During today’s Government meeting chaired by Prime Minister Bakytzhan Sagintayev, Ministers of National Economy T. Suleimenov, of Finance B. Sultanov, Investment and Development � Zh. Kassymbek, Energy K. Bozumbaev, as well as First Deputy Chairman of the National Bank O. Smolyakov reported on the results of socialandeconomic development and execution of the National Budget for 4 months of 2018.

According to Timur Suleimenov, economic activity in Kazakhstan continues to demonstrate growth.

In general, the economic recovery is accompanied by a decrease in inflationary pressure and high investment activity. Inflation since the beginning of the year was 2.2%. As for the similar period of 2017, it is lower by 0.5 pp. Annual inflation is fixed at 6.5%. Inflation is kept within the new corridor (57%).

The labor market remains stable. Since the beginning of this year, 134.8 thousand people have been employed. Since the beginning of this year, real wage growth has been observed. It was 1.2%. In JanuaryApril, the average monthly salary was 152.3 thousand tenge, � T. Suleimenov summed up.

As noted by First Deputy Chairman of the National Bank O. Smolyakov, gold and foreign currency reserves of the National Bank grew 3% compared with the corresponding period of last year (up to 30.6 billion USD). At the same time, the assets of the National Fund for the same period decreased 5.6% (to 59.3 billion USD).

The foreign trade turnover for JanuaryMarch 2018 amounted to 21 billion USD and in comparison with the corresponding period of 2017 increased by 24.3%, including exports � 13.8 billion USD (an increase of 27%), imports 7.2 billion USD (19.4% more).

The report of Minister of Finance B. Sultanov noted that the revenues of the state budget (excluding transfers) for the reporting period were executed 105.1%, including the National 100.9%, local budgets 117.1%.

The National budget received 1781.7 billion tenge. This is 16 billion tenge more than the plan and 173 billion tenge more than in the four months of last year. The growth rate is 110.7%. Overfulfilment was mainly due to taxes. Of them, due to the excess profit tax 8.5 billion tenge, export customs duty on crude oil 32.1 billion tenge.

Revenues of local budgets were exceeded by 106 billion tenge and amounted to 728 billion tenge. The expenditures of the state budget were applied 96.6%, the National budget 96.9%, local 98%.

The main task now is for the additional funds allocated during the update of the budget to in a timely manner reach the end consumers and the economic turnover. We will carry out this work together with the administrators of the National budget programs and local executive bodies, � B. Sultanov assured.

According to Minister for Investment and Development Zh. Kassymbek the index of actual volume with regards to main indicators of the industry is fulfilled. Thus, for the period of JanuaryApril, the volume index of iron ore amounted to 103.9%; extraction of nonferrous metal ores 102.1%; production of pharmaceutical products 107.7%; metallurgy 104.1%; construction 102.1%. Volume index for transport for JanuaryApril of this year amounted to 104.6%.

Reporting on the preliminary results of the main economic indicators of the energy sector for 4 months of 2018, Minister of Energy Kanat Bozumbaev noted that the volume of oil and condensate production is 105.9% of the same period in 2017, or 104.5% against the backdrop of the plan for 4 months of this year.

In 4 months, about 24.1 million tons of oil was exported, which is 104.3% compared to the same period in 2017. The volume of oil refining amounted to 5.1 million tons of oil or 104.6% of the plan for 4 months, � Kanat Bozumbaev said.

In accordance with the request of the Ministry of Agriculture, the demand for diesel fuel is fully met. The recommended price of diesel fuel for carrying out springfield works as of March of 2018 was 156 000 tg/t (130 tg/l).

The indicators of the corresponding period of the previous year for gas production, its export, and production of liquefied gas were also crossed. Compared to the same period of 2017, the amount of electricity generated was 8% more. The volume of coal production is 103.2% compared to the same period last year.

Following the consideration of the socioeconomic development of the country and execution of the National budget for 4 months of 2018, Prime Minister Bakytzhan Sagintayev instructed the Heads of the economic bloc of the Government to take effective measures to ensure further growth of the economy.

At the same time Bakytzhan Sagintayev noted that it is necessary to always remember the tasks set by the Head of State to the Government in order to achieve better results in ensuring economic growth.

Source: Government of the Republic of Kazakhstan

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