BAKU, Azerbaijan, Dec. 13
By Nargiz Sadikhova - Trend:
Kazakhstan’s GDP growth amounted to 4.4 percent during 11 months of 2019, Kazakhstan’s Minister of National Economy Ruslan Dalenov said, Trend reports with reference to the press office of Kazakhstan’s prime minister.
According to Dalenov, the factors of economic growth were the increase in production in basic sectors, the expansion of domestic demand and the development of the services sector, as well as implementation of investment projects.
“The non-commodity sector made the largest contribution to GDP growth, i.e 3.8 percentage points. The main role was played by manufacturing, services and construction. At the same time, the contribution of the commodity sector (agriculture and mining) amounted to 0.6 percentage points. Thus, most of the economic growth is provided by the non-primary sector,” the minister said.
As Dalenov noted, Kazakhstan’s economic growth will be no lower than 4.4 percent in December 2019.
“The GDP growth trend shows the following picture. Last year, in October and November, GDP growth was 4.1 percent. Year 2018 ended with an increase of 4.1 percent. This year, in October and November, the economy grew by 4.4 percent. There is reason to believe that in December growth will not be lower. Firstly, the dynamics of economic growth this year has an upward trend. Secondly, there is a positive growth in the manufacturing industry,” he explained.
He added that investments in fixed assets increased by 8.3 percent and annual inflation was 5.4 percent during 11 months of 2019. Industrial production maintains a steady growth trend. Manufacturing increased by 3.6 percent during the reporting period.
Manufacturing growth accelerated to 3.8 percent. This is due to an increase in production in engineering (by 19.2 percent) and in pharmaceuticals (by 16.7 percent), as well as the restoration of production in the iron and steel industry. Mining growth remained at 3.7 percent.
Furthermore, volume of construction work increased by 12.1 percent. Livestock production increased by 3.9 percent. In trade, volumes grew by 7.5 percent, in transport by 5.6 percent, and in communications by 4.7 percent.
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