Finance • 12 June, 2018

GDP growth for five months reaches 3.9% — Timur Suleimenov

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At the Government meeting chaired by the Prime Minister Bakytzhan Sagintayev, Minister of National Economy Timur Suleimenov, Minister of Finance Bakhyt Sultanov and Chairman of the National Bank Daniyar Akishev reported on the socio-economic development and the execution of the republican budget for 5 months of 2018, reports primeminister.kz.

According to the presented reports, economic processes show growth in virtually all segments of economic activity.

So, according to Timur Suleimenov, GDP growth for the first five months of this year amounted to 3.9%. Economic recovery is taking place because of the increased investment activity and a slowdown in inflationary processes.

It was noted that inflation is fixed at 6.2%, which is the lowest value for the last three years.

The production in mining and quarrying industries increased by 5.6% due to the growth in the natural gas production by 6.5%, crude oil — by 6.4%, iron ore — by 6%. In manufacturing, there was an increase by 5.5% due to growth in the production of paper and paper products by 14.4%, chemical industry — by 11.2%, tobacco products — by 10.5%, beverages — by 8.1%, food products — 6.3%. Also, the indicators grew in the machine building industry by 12.2%, in furniture production — by 6.6%. The volume of agriculture remained at a positive mark of 3.9%. The increase was the result of the steady growth in livestock production by 4%.

"Investments in fixed assets have increased by 25.3% since the beginning of this year. This is the result of the modernization of the Shymkent Oil Refinery and the implementation of the project of future expansion at the Tengiz field," Suleimenov emphasized.

Foreign trade turnover shows significant growth. For the first quarter of this year, the indicators increased by 24.3% — $21 billion. Export indicators grew by 27%. At the same time, the increase in exports of non-primary goods amounted to 11.2%

Also, the positive dynamics of labor market indicators was noted. Since the beginning of this year, 134.8 thousand people have been employed.

The Chairman of the National Bank Daniyar Akishev spoke about the implementation of the President's Five Social Initiatives in the part of ensuring long-term credit provision to the economy and increasing the availability of housing through the development of mortgage lending.

"In order to develop long-term loans, the following measures will be implemented: the banks will receive 200 billion tenge under the Program 7-20-25 in the coming year, which they will spend on mortgage lending. In the future, the amount will reach 1 trillion tenge, which will double the current amount of the mortgage portfolio of banks to $2 trillion tenge,” Akishev said.

Minister of Finance Bakhyt Sultanov reported on the results of execution of the state budget for the first five months. According to him, the state budget revenue grew by 11%, the republican  by 12%, the local — by 7%. This was facilitated by an increase in the volume of revenues from mining and the tax on gambling. Thus, the state budget received a total of 3290 billion tenge, including the amount of the republican — 2334 billion tenge.

"The revenues of local budgets were exceeded by 120 billion tenge and amounted to 957 billion tenge. In comparison with the same period last year, the growth amounted to 60 billion tenge," Sultanov said.

According to the Ministry of Finance, as of June 1, contracts worth 178.6 billion tenge were concluded. More than 190,1 billion tenge were allocated for the regions.

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