Government • 16 April, 2019

GDP growth in Kazakhstan in first quarter of 2019 reached 3.8%

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At the Government meeting chaired by the Prime Minister Askar Mamin on indicators of the country's socio-economic development and execution of the republican budget for the first quarter of 2019, reports of the ministries of finance, national economy, as well as akims of the Akmola region and the city of Nur-Sultan were heard, reports the press service of PM.

Chair of the National Bank Erbolat Dossaev and Chair of Samruk-Kazyna Fund Akhmetzhan Yessimov spoke on the agenda.

The prime minister informed about the meeting of the Security Council chaired by Elbasy Nursultan Nazarbayev of April 10, 2019. The results of the socio-economic development of the country for the first quarter of this year were considered.

“GDP growth in January-March was 3.8% compared to the corresponding period last year. The main drivers of the economy are the construction, trade, mining, transport industry,” said Mamin.

The main macroeconomic indicators of development for the I quarter of 2019:

growth in investment in fixed assets — 7%;

foreign trade for 2 months of 2019 increased by 7.5%;

inflation for 3 months of 2019 was 1.3%;

unemployment rate is 4.8%.

East Kazakhstan, Kostanay, Atyrau, Pavlodar and Kyzylorda regions completed the first quarter of this year successfully on the key indicators.

“The work on further increasing investments in fixed capital, construction and other sectors should be strengthened to ensure positive indicators for the year,” the prime minister said. “Also, central and local executive bodies need to take measures for the timely and full disbursement of budget funds.”

The Prime Minister Mamin noted that in the conditions of a slowdown in the global economy and expert forecasts of its decline from 3.6% in 2018 to 3.3% in 2019, it is necessary to concentrate on the qualitative and inclusive development of the economy.

The successful experience of actively developing countries shows that the sustainable development of the economy should be ensured by a constant quantitative and qualitative increase in the volume of investments in fixed capital.

“The priority in investment policy should be to attract net foreign direct investment,” said Mamin.

April 18, 2019, a meeting will be held on the organization of new approaches to attracting foreign investment with the participation of heads of state bodies and local executive bodies.

“All adopted state programs should be implemented as efficiently and fully as possible,” the Prime Minister Mamin stressed. “Central and local government bodies should make every effort to increase the growth rate of the economy.”

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