Kazakhstan, Astana, March 5 /Trend D. Mukhtarov/
Annual inflation in Kazakhstan stood at six per cent in 2012, 1.4 percentage points less than in 2011 when it was 7.4 per cent, the Minister of Economy and Budget Planning Erbolat Dosaev said on Monday during his speech during question time in the Majilis, the lower house of the Kazakhstan parliament.
According to the minister, the rate of economic growth in Kazakhstan under conditions of the weak development of the global economy was lower than expected.
"Low rates of good production were recompensed by high rates in the service sector. The growth of retail and wholesale trade constituted 14.6 per cent," Dosaev said.
He claimed that high consumption demand within the country and the revival of investment activity became the main factor of economic growth under conditions of reduction of the demand for exports from Kazakhstan. The amount of capital stock investments increased by 3.8 per cent.
Rates of construction growth comprised 2.9 per cent in 2012. Despite the decline of global demand, foreign trade turnover in the country increased by 9.8 per cent.
"Export of goods increased by 5.3 per cent, imports by 20.2 per cent. Economic growth was promoted by a stable macroeconomic situation," the minister noted.
He also mentioned improving the social well-being of the population. Real money income grew by 6.8 and real wages increased by 6.9 per cent according to Dosaev. The situation in the labour market remains stable. The level of unemployment comprised 5.3 per cent in December.
At the same time an analysis of the global economy shows that despite overcoming a number of problems, some system risks that are able to impair current trends at any point still remain, but according to estimates, economic growth will be more stable in 2013.