Minister: Kazakhstan’s GDP growth to be 6 percent in 2013

Business Materials 27 December 2013 20:53 (UTC +04:00)

Astana, Kazakhstan, Dec.27
By Daniyar Mukhtarov - Trend:

Kazakhstan's GDP growth as of 2013 is expected to be on plan at six percent, Kazakh Minister of Economy and Budget Planning Erbolat Dossayev said at a briefing at the Central Communications Service under the president of the country.

The main reasons for GDP growth in Kazakhstan in 2013 were the high growth of investments in the fixed capital, the dynamic growth of service production, and an increase of figures in engineering and agriculture, according to the minister.

The minister stressed that a stable macroeconomic situation has contributed to the economic growth. The inflation amounted to 4.7 percent in November 2013 compared to the same month of 2012 and it is expected that it will be equal to five percent as of 2013.

The increase of investments in the fixed capital amounted to 8.7 percent, according to the minister.

The growth of production in the service sphere amounted to 7.5 percent in 11 months of 2013 and the share of this area in the country's economic growth amounted to 3.86 percentage points, according to Dossayev. The goods production has increased by 3.3 percent which increased GDP by 1.35 percentage points. Among services trade (12.6 percent) and information technologies and communications (14.2 percent) have the highest growth.

The growth of industry in Kazakhstan amounted to 2.2 percent, mining increased by 3.1 percent and manufacturing by 1.5 percent.

The minister also gave information about the figures of industrial production in Kazakhstan. All regions, Pavlodar (0.9 percent), West Kazakhstan (0.3 percent) and Kyzylorda (0.2 percent), demonstrate growth with the exception of Akmola where production dropped by 1.4 percent, according to Dossayev.

The highest growth exceeding the average national level has been recorded in six provinces and cities: Atyrau province - 8.8 percent, Zhambyl -7.9 percent, East Kazakhstan - 5.4 percent, Astana city- 12.6 percent, Almaty city - 5.9 percent.

Dossayev highlighted the significant growth rate in engineering. Engineering has increased by 15.1 percent in 11 months of 2013. The share of industry in GDP growth amounted to 0.15 percentage points.

The volume of construction work has increased by 2.9 percent in Kazakhstan in 11 months of 2013. Investments in construction amounted to 254.2 billion tenge (154.10 tenge=$1) and increased by 13.8 percent.

Translated by L.Z.

Edited by C.N.