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Tuesday, September 25th, 2018

Timur Suleimenov: GDP growth for five months amounted to 3.9%

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During today’s Government session 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 socio-economic development and the execution of the National Budget for 5 months of 2018.

According to the presented reports, economic processes exhibit growth in virtually all segments of economic activity.

Thus, according to Minister of National Economy Timur Suleimenov, GDP growth for the first five months of this year was 3.9%. Economic recovery is taking place against the backdrop of investment activity and a slowdown in inflationary processes.

It is noted that inflation is fixed at 6.2%, which is the lowest value for the last three years.

In mining and quarrying, production increased by 5.6% due to an increase in natural gas production by 6.5%, crude oil by 6.4%, iron ore by 6%. In manufacturing, there was an increase of 5.5% due to growth in the production of paper and paper products by 14.4%, chemical industry by 11.2%, tobacco products by 10.5%, beverages by 8.1%, food products 6.3%. Figures also increased in the machine building industry, growing by 12.2%, and furniture production grew by 6.6%. Agriculture remained at a positive mark of 3.9%. The increase is due to the steady growth in livestock production by 4%.

Investments in fixed assets since the beginning of this year have increased by 25.3%. This is due to the modernization of the Shymkent oil refinery and the implementation of the project of future expansion at the Tengiz field, � T. Suleimenov emphasized.

Significant growth is exhibited in foreign trade turnover. For the first quarter of this year, the indicators increased by 24.3% – $ 21 billion. Export performance grew by 27%. At the same time, the increase in exports of non-primary goods amounted to 11.2%

The labor market also exhibits upward trends. Since the beginning of this year, 134.8 thousand people have been employed.

Chairman of the National Bank Daniyar Akishev spoke about the implementation of the President’s Five Social Initiatives to ensure long-term lending to the economy and increase the availability of housing through the development of mortgage lending.

In order to develop long-term lending, the following measures will be implemented: 200 billion tenge will be given to banks in the framework of 7-20-25 in the coming year, which will be directed to mortgage lending. In the future, the amount will reach 1 trillion tenge, which will double the current mortgage portfolio of banks to 2 trillion tenge, “- said D. Akishev.

Minister of Finance Bakhyt Sultanov reported on the results of execution of the state budget for the first five months. According to him, the state budget revenue grew by 11%, the National budget � by 12%, the local � by 7%. This was facilitated by an increase in the volume of revenues from mining and the tax on gambling. Thus, the state budget received a total of 3290 billion tenge, including the amount of the National budget – 2334 billion tenge.

The revenues of local budgets were exceeded by 120 billion tenge and amounted to 957 billion tenge. In comparison with the same period last year, the growth was 60 billion tenge, � B. Sultanov said.

According to the Ministry of Finance, as of June 1, contracts were concluded for the amount of 178.6 billion tenge. Regions received 190.1 billion tenge.

Source: Government of the Republic of Kazakhstan

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Timur Suleimenov: GDP growth for five months amounted to 3.9%

Closed

During today’s Government session 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 socio-economic development and the execution of the National Budget for 5 months of 2018.

According to the presented reports, economic processes exhibit growth in virtually all segments of economic activity.

Thus, according to Minister of National Economy Timur Suleimenov, GDP growth for the first five months of this year was 3.9%. Economic recovery is taking place against the backdrop of investment activity and a slowdown in inflationary processes.

It is noted that inflation is fixed at 6.2%, which is the lowest value for the last three years.

In mining and quarrying, production increased by 5.6% due to an increase in natural gas production by 6.5%, crude oil by 6.4%, iron ore by 6%. In manufacturing, there was an increase of 5.5% due to growth in the production of paper and paper products by 14.4%, chemical industry by 11.2%, tobacco products by 10.5%, beverages by 8.1%, food products 6.3%. Figures also increased in the machine building industry, growing by 12.2%, and furniture production grew by 6.6%. Agriculture remained at a positive mark of 3.9%. The increase is due to the steady growth in livestock production by 4%.

Investments in fixed assets since the beginning of this year have increased by 25.3%. This is due to the modernization of the Shymkent oil refinery and the implementation of the project of future expansion at the Tengiz field, � T. Suleimenov emphasized.

Significant growth is exhibited in foreign trade turnover. For the first quarter of this year, the indicators increased by 24.3% – $ 21 billion. Export performance grew by 27%. At the same time, the increase in exports of non-primary goods amounted to 11.2%

The labor market also exhibits upward trends. Since the beginning of this year, 134.8 thousand people have been employed.

Chairman of the National Bank Daniyar Akishev spoke about the implementation of the President’s Five Social Initiatives to ensure long-term lending to the economy and increase the availability of housing through the development of mortgage lending.

In order to develop long-term lending, the following measures will be implemented: 200 billion tenge will be given to banks in the framework of 7-20-25 in the coming year, which will be directed to mortgage lending. In the future, the amount will reach 1 trillion tenge, which will double the current mortgage portfolio of banks to 2 trillion tenge, “- said D. Akishev.

Minister of Finance Bakhyt Sultanov reported on the results of execution of the state budget for the first five months. According to him, the state budget revenue grew by 11%, the National budget � by 12%, the local � by 7%. This was facilitated by an increase in the volume of revenues from mining and the tax on gambling. Thus, the state budget received a total of 3290 billion tenge, including the amount of the National budget – 2334 billion tenge.

The revenues of local budgets were exceeded by 120 billion tenge and amounted to 957 billion tenge. In comparison with the same period last year, the growth was 60 billion tenge, � B. Sultanov said.

According to the Ministry of Finance, as of June 1, contracts were concluded for the amount of 178.6 billion tenge. Regions received 190.1 billion tenge.

Source: Government of the Republic of Kazakhstan

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