Askar Mamin: Kazakhstan's economy grew by 4.3% over 8 months

At the government session chaired by Prime Minister Askar Mamin, the results of the country's socio-economic development and the implementation of the republican budget for January-August 2019 were considered.

Presentations were made by Minister of National Economy Ruslan Dalenov, Chairman of the National Bank Erbolat Dossaev and First Deputy Prime Minister – Minister of Finance Alikhan Smailov.

The average per capita nominal cash income of the population in January-May 2019 amounted to 486 thousand tenge and increased, compared with the corresponding period of 2018, by 10.8 percent in nominal terms, in real terms — by 1.7 percent.

In January-August 2019, GDP growth amounted to 4.3 percent compared to the corresponding period of 2018. Positive dynamics is observed in construction — by 11.8 percent, trade — by 7.6 percent, transport — by 5.5 percent, agriculture — by 3.6 percent, communication services — by 3.4 percent, the manufacturing sector, including in engineering — by 18 percent, light industry — by 17.4 percent, non-ferrous metal mining — by 17.9 percent, oil refining — by 6.2 percent.

For the third consecutive month, inflation has remained low at 0.2 percent. Annual inflation is within the target corridor and amounted to 5.5 percent.

Prime Minister Askar Mamin noted the growth of the economy in terms of basic indicators in Atyrau, Karaganda, Kyzylorda, Turkistan, East Kazakhstan and North Kazakhstan regions.

The head of government instructed to rectify the situation as soon as possible with a decrease in indicators for construction, investment, industry, agriculture and housing commissioning in Mangystau, Kyzylorda, West Kazakhstan regions, and the cities of Nur-Sultan and Shymkent.

"Last week, the Head of State announced the Address to the people of Kazakhstan, which reflects the continuity of the policy of Elbasy and sets a number of basic tasks for the Government aimed at further development of the economy. The main task for the Government is to ensure annual sustainable GDP growth and bring it to 5 percent and higher by 2025," said Mamin, instructing the line ministries to strengthen work to achieve the established target indicators.

Revenues to the republican budget for the first eight months of this year amounted to 6,958.3 billion tenge (101.1 percent of the plan), the growth rate was 119.2 percent. The development of the republican budget for the reporting period amounted to 98.9 percent.

In connection with the incomplete budget execution observed by a number of program administrators, Prime Minister Askar Mamin instructed to ensure timely implementation of budget funds.