Kazakh economy shows consistent growth, low inflation

Business Materials 13 March 2018 14:56 (UTC +04:00)

Baku, Azerbaijan, March 13

By Fikret Dolukhanov – Trend:

Kazakh economy has grown by 4 percent in January-February 2018, Kazakh Economy Minister Timur Suleimenov said addressing the government meeting on March 13.

“The economy has shown a consistent growth dynamics during the two months of 2018. The GDP growth reached 4 percent in the mentioned period, compared to 2.5 percent growth in the same period of 2017. The dynamics is based on growth of manufacturing industry and service sphere. Investments and domestic consumption have also grown,” the minister noted.

According to him, the inflation has slowed down to 1.3 percent from the beginning of 2018.

“It the lowest rate for the last several years. Year-to-year (February 2017 – February 2018) change is 6.5 percent,” the head of the ministry noted.

Suleimanov also said that international reserves of Kazakhstan have grown 2 percent to $90.8 billion during the January-February 2018. Gold and foreign currency reserves of the country have increased by 2.2 percent to $31.4 billion. Assets of the National Funds have grown 1.8 percent to $59.4 billion.

The inflation rate in Kazakhstan amounted to 0.7 percent in February 2018, compared to January 2018, and to 1.3 percent, compared to December 2017.