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Kazakh's GDP increased by 4.1 pct. in 10 months

14 November 2018 13:27 (UTC+04:00)
Kazakh's GDP increased by 4.1 pct. in 10 months

By Abdul Kerimkhanov

The growth of gross domestic product (GDP) of Kazakhstan in January-October 2018 amounted to 4.1 percent, said Timur Suleimenov, Minister of National Economy of Kazakhstan, Kazakh media reported.

Minister declared that in January-October of 2018, the economy of Kazakhstan maintains a positive growth trend. GDP growth in the reporting period amounted to 4.1 percent. The main factors of economic growth were high investment activity, a slowdown in inflation, as well as an increase in production in basic sectors of the economy, said the Minister, speaking at a meeting of the Government of the Republic of Kazakhstan.

The inflation rate remains within the corridor of 5-7 percent. Inflation was 0.4 percent in October, from the beginning of the year - 3.7 percent.

“Annual inflation was 5.3 percent. The record low level has been reached in the last three years,” the Minister noted.

The minister also said that investment demand is growing at a steady pace. Investments in fixed assets increased by 20.8 percent.

The minister added that on November 1, 2018, the country's international reserves decreased by 2.7 perent over the same period last year, to $ 85.6 billion due to a reduction in gold and foreign exchange reserves (by 7.6 percent to $ 29.1 billion).

Suleimenov noted that the assets of the National Fund increased by 0.1 percent, to $56.5 billion.

Meanwhile, as of November 1 of this year, the country's international reserves decreased by 2.7 percent (compared to the same period in 2017) to $ 85.6 billion due to a decrease in gold and foreign exchange reserves (by 7.6 percent to $ 29.1 billion). At the same time, the assets of the National Fund showed an increase of 0.1 percent to $ 56.5 billion.

Earlier, the European Bank for Reconstruction and Development (EBRD) in the report "Regional Economic Prospects" predicted a slowdown in economic growth in Central Asia in 2018 and 2019. The reason for this, experts called the decline in oil revenues.

The nominal GDP in Kazakhstan in 2018 is expected at 57.2 trillion tenge. This is higher than the indicator approved in August 2017 by 1.3 trillion tenge. Real GDP growth is expected at 3.8 percent (previously forecasted at 3.1 percent). GDP per capita will increase to $9,200.

The economy of Kazakhstan is the largest economy in Central Asia, the second economy of the post-Soviet space. From January 1, 2015, the republic is a member of the Eurasian Economic Union.

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Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

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