GDP growth in Kazakhstan hit 4pct
Baku, Azerbaijan, Jan.11
By Nigar Guliyeva – Trend:
Kazakh National Economy Minister Timur Suleymenov said that according to preliminary data, GDP growth in 2017 was 4 percent.
"The main result of 2017 for the Kazakh economy was the activation of recovery processes with the country's progressive transition to higher growth rates. According to the preliminary results of 2017, GDP growth was 4 percent. Economic growth was balanced with a simultaneous improvement in almost all segments of the economic activity, " Suleymenov said at a government meeting on Jan.11.
He said that the main catalysts for growth were the expansion of production in the trade sectors, increase in investment activity and gradual recovery of domestic demand.
The external environment also positively influenced intra-economic activity, said the minister.
"As a result, positive shifts in foreign trade are recorded. Following the results of 11 months, exports to Russia grew by 33 percent, the EU - 31 percent and China - 34.9 percent, "the minister explained.
Suleymenov said that the price factor played a key role in activating the recovery processes. Inflationary background, compared to 2016, dropped by 1.4 percentage points, amounting to 7.1 percent.
"In general, the positive dynamics of economic growth, improved balance of payments and increased production capacity ensured in 2017 confirmed the level of investment reliability of Kazakhstan by international rating agencies and allowed to improve the outlook from Negative to Stable," he concluded.
The GDP of Kazakhstan in 2018 will grow to 2.6 percent, in 2019 - to 2.8 percent, and in 2020 - to 3 percent. Such forecasts are made by experts of the World Bank on the development of the country.
According to analysts' estimates, the rate of economic growth throughout Central Asia will decrease from 3.7 percent in 2017 to 2.9 percent in 2018.