Main factors of economic growth were investment activity and increased production in the real sector — Ministry of National Economy

Tuesday, 10 September 2019, 10:12:38

At the Government session chaired by Prime Minister Askar Mamin, the results of the country's socio-economic development and the implementation of the republican budget for January-August 2019 were summed up. Presentations were made by the First Deputy Prime Minister – Minister of Finance Alikhan Smailov, Minister of National Economy Ruslan Dalenov, as well as the Chairman of the National Bank Erbolat Dossaev.

Reporting on the state of the economy for eight months of this year, Minister of National Economy Ruslan Dalenov noted that in August the country's economy maintained steady dynamics. Over 8 months, GDP growth accelerated to 4.3%. Against this background, international rating agencies confirmed the sovereign credit rating of Kazakhstan at the level of investment attractiveness.

“The main factors of economic growth were investment activity and an increase in the production of the real sector,” Dalenov emphasized. Investment growth was 10.7%. The largest increase is noted in agriculture, construction, trade and industry.

For the third consecutive month, inflation has remained low at 0.2%. Annual inflation is within the target corridor and amounted to 5.5%.

Industrial production for 8 months of this year accelerated to 3.2%. In terms of growth, processing continues to outpace mining. In processing, there is a two-fold increase in engineering, light industry, beverage production and pharmaceuticals. In mining, growth accelerated to 3.1%. Mainly as a result of the increase in the production of metal ores and oil.

The construction sector is showing a steady pace. The volume of work performed increased by 11.8%. Work on the construction of industrial facilities, roads, gas pipelines increased. Construction and installation work at large factories also increased.

In agriculture, production expanded to 3.6%, including in crop production — by 3.9% and livestock — by 3.5%. As of Aug. 31, 2019, 29.8% of the sown area of ​​grain crops was harvested. Productivity was 11.5 c / ha.

Business activity in the real sector of the economy is accompanied by growth in the service sector. During the reporting period, growth was 4.3%. Acceleration of dynamics is observed in its main segments, the largest growth is noted in trade — volumes for 8 months grew by 7.6% due to wholesale trade. Transportation services increased by 5.5%. The main contribution to the growth was made by the increase in air and automobile cargo turnover.

In January-July this year, foreign trade turnover increased by 1.7% to $53.8 billion. Export volumes amounted to $32.9 billion.

Chairman of the National Bank Erbolat Dossaev said that over the past 8 months, the situation in the financial market has remained stable. Inflation is formed within the targeted corridor of 4-6%.

In August 2019, monthly inflation amounted to 0.2%. Annual inflation accelerated to 5.5%.

“Food prices increased by 9% year on year and continue to make the largest contribution to inflation. About 60% of annual food inflation is associated with higher prices for certain types of food products, such as meat — by 12.8%, bakery products and cereals — by 12.6%, their contribution to inflation was 1 pp. These categories of goods rose in price against the background of rising world prices and export volumes,” Dossaev informed.

Prices for non-food products for the year increased by 5.7%. The annual dynamics of prices for paid services remains at historic lows — 0.8%.

The main inflationary factor is expanding consumer demand in response to a significant fiscal impulse amid rising social spending.

“We estimate the additional contribution to inflation from fiscal stimulus in 2019 at 0.5 pp. At the end of this year, we expect inflation at the level of 5.7-5.8%. In these conditions, yesterday, Sep. 9, the National Bank decided to increase the base rate to 9.25% while maintaining the interest rate band at +/- 1 pp,” Dosaev said.

In turn, the First Deputy Prime Minister – Minister of Finance Alikhan Smailov reported on the implementation of the republican budget. Revenues of the state budget for the reporting period were executed by 102.8%. Thus, the budget received 8 trillion 407 billion tenge. State budget expenditures for the reporting period amounted to 8 trillion 910 billion tenge, i.e. 98.3%. More than half of them, or 4 trillion 856 billion tenge, were allocated to the social sphere. The budget deficit amounted to 503 billion tenge or 0.7% of GDP.

“The revenue plan for the reporting period (excluding transfers) was exceeded at all budget levels. State budget revenues increased by 114.6% compared to the same period last year,” Smailov said.

The republican budget received 4 trillion 363 billion tenge of revenues. Compared with the 8 months of 2018, revenue increased by 118.1%, or 669 billion tenge more. They were formed mainly due to taxes. Improving tax and customs administration and the growth of the economy led to an increase in taxes.

Own revenues of local budgets amounted to 1 trillion 659 billion tenge.

The state budget expenditures were executed by 98.3%, the republican — 98.9%, local — 98%. Republican budget expenditures amounted to 7 trillion 725 billion tenge.

To date, the Comprehensive Privatization Plan has been implemented at 91%. During the reporting period, 62 objects were put up for sale. Thirty-one objects were sold for 33 billion tenge. Thirty-one are at auction.

“We must take into account that there is very little time left before the end of the fiscal year. That is why central and local executive bodies must control the execution of work on time,” Smailov concluded.


News feed
16 November 2019, 17:25
Prime Minister Askar Mamin visits North Kazakhstan Region on a working trip
16 November 2019, 15:36
Government session to be held Nov. 18 in Ukimet Uyi
16 November 2019, 10:56
Askar Mamin participates in foresight session of ADB and Kazakhstan on improving country’s competitiveness
16 November 2019, 04:37
Pavlodar region: Increasing industrial production and focusing on entrepreneurship
15 November 2019, 20:11
Prime Minister Askar Mamin makes a working trip to Pavlodar region
15 November 2019, 18:30
The task of the state is to help young people realize their potential — Saparbayev
15 November 2019, 16:30
About 11 million Kazakhstanis to receive CSHI medical services at the expense of state contributions — Aibatyr Zhumagulov
15 November 2019, 16:23
In first quarter of 2020, guaranteed volume of medical care and medical insurance services to be available to everyone
15 November 2019, 15:46
Today, 95% of Kazakhstanis participate in compulsory health insurance system — how are preparations for introducing medical insurance carried out in 2020?
15 November 2019, 14:59
Conference on Financial Market and Real Economy of Kazakhstan taking place in Almaty
15 November 2019, 12:55
Askar Mamin meets with President of Asian Development Bank Takehiko Nakao
14 November 2019, 18:16
Meeting of Management Council of Samruk-Kazyna Sovereign Wealth Fund chaired by First President of Kazakhstan
14 November 2019, 15:23
Askar Mamin meets with Deputy Prime Minister of Qatar Hamad bin Abdulaziz al-Kawari
14 November 2019, 10:55
National Museum of Kazakhstan presents Golden Warrior at exhibition in Athens
13 November 2019, 11:08
Berdibek Saparbayev gets acquainted with work of Paralympic Training Center
13 November 2019, 10:06
Fatima Zhakypova relieved as vice minister of education and science of the Republic of Kazakhstan
12 November 2019, 19:54
About 200 thousand people engaged in reconstruction and construction of roads
12 November 2019, 18:25
Prime Minister Askar Mamin meets with Head of IMF Mission in Kazakhstan Mark Horton
12 November 2019, 17:29
National Center for Roads Quality to control over 70 thousand km of local roads
12 November 2019, 16:05
Over 200 km of roads to be opened in collaboration with foreign companies before the year’s end — Ministry of Industry and Infrastructure Development
12 November 2019, 13:06
Askar Mamin opens forum "Space Days in Kazakhstan: Baikonur – the Cradle of World Cosmonautics"
12 November 2019, 12:39
Automotive gasoline production fully covers domestic consumption — Ministry of Energy
12 November 2019, 12:28
Gross meat production increased by 5.5% for 10 months of 2019 — Ministry of Agriculture
12 November 2019, 12:15
According to results of 10 months in 2019, growth observed in all sectors of manufacturing industry — Ministry of Industry and Infrastructure Development
12 November 2019, 11:44
Over 10 thousand Kazakhstanis received loans under 7-20-25 program — National Bank
12 November 2019, 10:50
Over 10 months, Kazakhstan's economy grew by 4.4%
12 November 2019, 10:43
For January-October 2019, revenues to republican budget increased by 17% — Ministry of Finance
12 November 2019, 10:38
Share of small and medium enterprises in GDP increased to 28.5% in 10 months of 2019 — Ministry of National Economy
11 November 2019, 19:29
Askar Mamin’s working visit to Turkey: negotiations with Erdogan, meeting of intergovernmental commission and business forum
11 November 2019, 14:02
Press conference to be held on construction and reconstruction of roads
11 November 2019, 13:56
Government session to be held Nov. 12 in Ukimet Uyi
09 November 2019, 13:10
Askar Mamin to attend meeting of Kazakh-Turkish Intergovernmental Commission and business forum in Istanbul
09 November 2019, 12:32
Improving quality of health and education systems: Government working group visits Pavlodar region
09 November 2019, 11:06
It is necessary to extend experience of Rodina agricultural firm to other peasant farms — Askar Mamin
08 November 2019, 10:01
Saparbayev instructs to establish uniform payments to veterans for 75th anniversary of the Victory
08 November 2019, 09:53
Forum of Interregional Cooperation between Kazakhstan and Russia: Trade increased by 3.5 times over 15 years
07 November 2019, 18:55
How to get affordable housing in Kazakhstan: 7-20-25, Baqytty Otbasy and Askeri Baspana
07 November 2019, 17:31
Aidyn Karimov appointed deputy head of the Office of the Prime Minister
07 November 2019, 17:28
Government session: Approaches to support SMEs and develop rural areas created and a list of new laws defined
07 November 2019, 12:22
Prime Minister Askar Mamin meets with leadership of France-Kazakhstan Chamber of Commerce
06 November 2019, 18:44
Minister of Trade and Integration Bakhyt Sultanov discusses reforms of World Trade Organization with his WTO colleagues
06 November 2019, 18:04
Nurbek Dairbekov appointed vice minister of agriculture of the Republic of Kazakhstan
06 November 2019, 16:40
Decree of the Government of Kazakhstan on rescheduling rest days in 2020
06 November 2019, 11:33
Over the years of implementation of Business Road Map–2020, more than 16 thousand small and medium enterprises funded
06 November 2019, 10:22
Government to submit 16 bills to the Parliament in 2020
06 November 2019, 10:19
Ministry of Justice of Kazakhstan presents list of bills planned for 2020
06 November 2019, 10:08
In 2020, 80 billion tenge to be allocated for modernization of rural infrastructure — Roman Sklyar
06 November 2019, 10:00
Askar Mamin: Implementation of Aul – El Besigi project to improve quality of life of 7 million rural residents
06 November 2019, 09:51
421 billion tenge to be allocated on implementation of Business Roadmap-2025 State Program
05 November 2019, 17:46
Nursultan Nazarbayev visits several objects in Turkistan region
05 November 2019, 13:26
Alikhan Smailov attends opening of II China International Import Expo in Shanghai
05 November 2019, 12:55
Government session to be held Nov. 6 in Ukimet Uyi
04 November 2019, 18:41
Video Digest on Prime Minister Askar Mamin’s participation in XVIII meeting of the Council of Heads of Government of the SCO Member States in Tashkent
04 November 2019, 18:20
Kazakhstan and China improving quality and level of bilateral cooperation
04 November 2019, 18:18
Berdibek Saparbayev holds a meeting on issues of maternal and infant mortality
04 November 2019, 15:20
National Museum of Kazakhstan to present exhibition of ancient and medieval art of Kazakhstan in Greece
04 November 2019, 14:27
Youth marathon "El Umiti" takes place in Aktobe
02 November 2019, 12:44
Askar Mamin meets with Premier of PRC State Council Li Keqiang
02 November 2019, 12:38
Askar Mamin presents package of initiatives for development of economic cooperation within SCO
01 November 2019, 17:30
Prime Minister of Kazakhstan Askar Mamin meets with Prime Minister of Afghanistan Abdullah Abdullah
01 November 2019, 17:22
Askar Mamin meets with President of Uzbekistan Shavkat Mirziyoyev
01 November 2019, 16:17
Tax wallet and bonuses of 0.5% — Ministry of Finance tells about planned digital innovations
01 November 2019, 15:01
Cost of cash registers to be excluded from tax base of business entities — Ruslan Yensebayev
01 November 2019, 13:41
94% cash desks operate online — Ruslan Yensebayev on accounting of income of business entities
01 November 2019, 11:41
Alikhan Smailov meets with US Ambassador Extraordinary and Plenipotentiary to the Republic of Kazakhstan William Moser and UN Country Team
01 November 2019, 09:17
Prime Minister Askar Mamin will take part in a meeting of the Council of Heads of Government of the SCO member states on Nov. 2 in Tashkent
31 October 2019, 18:52
There is no shortage of open wagons for coal shipment in heating season — Ministry of Industry and Infrastructure Development
31 October 2019, 18:08
Antimonopoly Committee takes measures to prevent price collusion in coal market
31 October 2019, 17:46
Video Digest following official visit of Prime Minister Askar Mamin to the Kingdom of the Netherlands
31 October 2019, 17:25
Coal price in regions ranges from 7 thousand to 19 thousand tenge per ton — Ministry of Industry and Infrastructure Development
31 October 2019, 17:09
Sergazy Omash appointed chairman of Committee on Geodesy and Cartography
31 October 2019, 17:06
Sixty-one million tons of coal delivered to domestic market of Kazakhstan
31 October 2019, 16:12
Press conference to be held on construction and reconstruction of roads
31 October 2019, 16:05
Press conference to be held on implementing online cash registers and tax incentives for business
31 October 2019, 13:01
Berdibek Saparbayev discusses preparations for 2020 Olympics in Tokyo
31 October 2019, 09:31
Roman Sklyar meets with William H. Moser, Ambassador Extraordinary and Plenipotentiary of the United States to the Republic of Kazakhstan
31 October 2019, 07:40
Prime Minister of Kazakhstan Askar Mamin met with Prime Minister of the Netherlands Mark Rutte and took part in Kazakh-Dutch business forum
30 October 2019, 19:05
How is selection for Presidential Youth Personnel Reserve taking place — participants' opinions
30 October 2019, 15:17
Cancelling address certificate: How will public services be provided
30 October 2019, 14:45
Third parties can receive address certificates only with permission of the citizen himself — Ablaykhan Ospanov
30 October 2019, 14:01
Press conference to be held on provision of coal to public utilities sector and population
30 October 2019, 13:15
Information on place of residence to be provided only by residents of border settlements — Ministry of Internal Affairs
30 October 2019, 13:13
Starting Nov. 1, government bodies will not require address information from citizens — Ablaykhan Ospanov
29 October 2019, 19:51
For 9 months of 2019, over 10 thousand microloans issued for implementation of business projects in the countryside
29 October 2019, 19:48
Since the start of Enbek program, 1.3 million people found jobs
29 October 2019, 19:25
Ministry of Commerce of Kazakhstan is preparing a major trade mission to Minsk
29 October 2019, 18:41
Increase in share of renewable energy sources will reduce greenhouse gas emissions by 15 million tons — Magzum Mirzagaliyev
29 October 2019, 18:38
By 2025, 2.6 million new jobs to be created in Kazakhstan – Ruslan Dalenov
29 October 2019, 18:33
XII WTO Ministerial Conference to be held in Nur-Sultan
29 October 2019, 17:54
Eighty-seven renewable energy facilities to operate in Kazakhstan by the end of 2019 — Ministry of Energy
29 October 2019, 17:32
Prime Minister Askar Mamin ordered to improve mechanisms of Enbek state program and to develop measures for facilitating labor market by 2025
29 October 2019, 17:30
In 2019, capacity of renewable energy sources in Kazakhstan doubled
29 October 2019, 17:16
Press conference to be held on canceling address reference
29 October 2019, 12:58
National Commission for Modernization chaired by prime minister reviewed implementation of the Head of State’s Address
28 October 2019, 18:36
Facilitating business conditions: How improvement of Kazakhstan’s position in Doing Business ranking affects development of small and medium business
28 October 2019, 17:58
Local and foreign investors use Doing Business rating for guidance — Madiyev on Kazakhstan's joining the TOP-25
28 October 2019, 17:00
Kazakhstan is ahead of Austria, Japan, Spain, France, Switzerland and the CIS countries in Doing Business ranking
28 October 2019, 15:49
Oct. 30, 2019, Prime Minister Askar Mamin to pay official visit to the Netherlands
28 October 2019, 14:54
Government session to be held Oct. 29 in Ukimet Uyi
26 October 2019, 14:33
Berdibek Saparbayev holds a meeting on preparing for celebration of Al-Farabi’s anniversary in Turkistan region
26 October 2019, 07:50
Askar Mamin participates in meetings of CIS and EAEU, and holds talks with Dmitry Medvedev
25 October 2019, 17:28
Berdibek Saparbayev discusses main issues in social sphere with residents of Shymkent
25 October 2019, 15:25
Press conference to be held on developing entrepreneurship and improving business climate in the country
25 October 2019, 13:20
Results of negotiations between Kazakhstan and Russia: Coal transit increased
25 October 2019, 12:48
How Kazakhstan and Russia negotiating over issues of lifting restrictions on transit of Kazakhstani goods
24 October 2019, 19:12
Review: Development results of Kostanay region for January-September 2019
24 October 2019, 17:43
Government Working Group discusses issues of education quality with teachers of Shymkent
24 October 2019, 17:30
Roman Sklyar opens Kazakh-Belarusian business forum in Nur-Sultan
24 October 2019, 15:07
Askar Mamin: Government will take all measures to improve business environment in Kazakhstan
24 October 2019, 15:00
New building of Embassy of the Republic of Belarus opened in Nur-Sultan
24 October 2019, 14:49
Evaluation of candidates for Presidential Personnel Reserve carried out without violations — Zhailganova
24 October 2019, 13:06
No subjective assessment allowed and human factor minimized in selecting to Presidential Personnel Reserve
24 October 2019, 12:16
Three stages of selection to Presidential Youth Personnel Reserve completed
24 October 2019, 10:12
Kazakhstan takes 25th place in Doing Business ranking
23 October 2019, 17:41
Prime Minister Askar Mamin tests first Kirovets tractor manufactured in Kazakhstan
23 October 2019, 17:20
New state program Nurly Zhol, public-private partnership and registration of cars with foreign license plates: What was discussed at the Government session and on the sidelines
23 October 2019, 14:09
Press conference to be held on formation of Presidential Youth Personnel Reserve
22 October 2019, 19:22
President Kassym-Jomart Tokayev receives Prime Minister Askar Mamin
22 October 2019, 17:04
Passenger traffic doubled — Kamaliyev speaks about development of civil aviation under Nurly Zhol program
22 October 2019, 16:52
Council for Improving Investment Climate under the Government of Kazakhstan considers issues of cybersecurity
22 October 2019, 16:10
Depreciation of bus fleets reduced by 23% — Ministry of Industry and Infrastructure Development
22 October 2019, 15:14
Over 400 thousand jobs created under Nurly Zhol program in 5 years
22 October 2019, 12:13
Implementation of new Nurly Zhol State Program for 2020-2025 to create more than 550 thousand jobs
22 October 2019, 11:43
Kazakhstan introduces principle of one window for working with investors on public-private partnership projects
22 October 2019, 11:26
Schuchinsk – Petropavlovsk, Omsk – Pavlodar: Which roads to be paid from 2020
22 October 2019, 11:21
Over 32 thousand new jobs created in the framework of road construction and repair projects — Ministry of Industry and Infrastructure Development
22 October 2019, 11:12
Committee of Roads of the Republic of Kazakhstan speaks about responsibility of contracting organizations for poor-quality construction
22 October 2019, 11:03
How many roads to be repaired this year, which will become toll roads and who checks the quality — interview with Sairanbek Barmakov
22 October 2019, 10:13
Prime Minister Askar Mamin instructs to step up the development of public-private partnership
22 October 2019, 09:54
Government summed up implementation results of Nurly Zhol State Program for five years and sets goals for 2020-2025
21 October 2019, 18:43
Askar Mamin instructs regions to cooperate with AIFC to attract investment
21 October 2019, 18:39
Anuar Dzhumadildayev appointed chairman of the Committee of Internal State Audit of the Ministry of Finance
21 October 2019, 16:55
Roman Sklyar pays working visit to the Republic of Tatarstan
21 October 2019, 13:24
Government session to be held Oct. 22 in Ukimet Uyi
18 October 2019, 17:02
Head of Government reports to Elbasy on implementation of Nur Otan Party Election Program and Plan of the Nation “100 Concrete Steps”
18 October 2019, 15:43
Meeting chaired by Elbasy with participation of members of the Government, Nur Otan party and its faction in Majilis of the Parliament
18 October 2019, 11:58
Government discusses use of pension savings for purchase of housing and education
18 October 2019, 11:19
Government is constantly working to improve draft laws being developed — expert
18 October 2019, 09:57
“There is money, but there is no result” — Berdibek Saparbayev criticizes execution of Enbek program
17 October 2019, 12:28
Berdibek Saparbayev discusses issues of improving quality of education and health with members of National Council of Public Trust
17 October 2019, 04:06
Artificial Intelligence and Digital Factories: How Industry 4.0 Elements Implemented at Enterprises in Kazakhstan
16 October 2019, 18:59
Comprehensive Cancer Control Plan for 2018-2022 implemented in Kazakhstan — Berdibek Saparbayev
16 October 2019, 10:48
XXI meeting of Kazakh-Russian Intergovernmental Commission held in Nur-Sultan
15 October 2019, 18:56
Developing the economy of simple things: Soft loan program is implemented in Kazakhstan
15 October 2019, 18:32
Intermediate indicators of socio-economic development for 9 months of 2019, bread prices, foreign exchange market, or how the Government session took place
14 October 2019, 18:50
Prime Minister Askar Mamin meets with Singapore Senior Minister Teo Chee Hean
14 October 2019, 17:28
Berdibek Saparbayev recommends teachers in West Kazakhstan region to pay attention to quality of professional education
14 October 2019, 15:05
Food Corporation’s grain output is sufficient to ensure stability of social bread prices in Kazakh market
14 October 2019, 14:37
National Bank observes activation of banks in implementation of the Program of Concessional Lending to Priority Economic Sectors
14 October 2019, 13:14
Implementing President’s Address: Ministry of Agriculture develops Roadmap for Confiscation of Unused Land
14 October 2019, 12:14
According to results of 9 months, state budget revenues increased by 15%, republican — by 19%
14 October 2019, 10:43
Ninety-nine percent of the area of ​​grain crops harvested in Kazakhstan
14 October 2019, 09:51
In 2019, 19.1 million tons of grain threshed in Kazakhstan
14 October 2019, 09:49
For 9 months of 2019, economic growth in Kazakhstan reached 4.3%
12 October 2019, 11:31
Deputy Prime Minister Berdibek Saparbayev pays working visit to Atyrau region
11 October 2019, 21:04
Growth of industrial production, development of agribusiness, investment attraction mechanisms — East Kazakhstan region for eight months of 2019
11 October 2019, 19:19
Video Digest on results of Askar Mamin’s working trip to East Kazakhstan, Almaty and Karaganda regions
11 October 2019, 16:11
Government session to be held Oct. 14 in Ukimet Uyi
11 October 2019, 12:57
Prime Minister Askar Mamin and Prime Minister of Mongolia Ukhnaagiin Khürelsükh attend the opening of Kazakh-Mongolian business forum
11 October 2019, 12:29
The public will monitor implementation of rental housing for working youth
11 October 2019, 12:25
What documents necessary to apply for rental housing for young people
11 October 2019, 11:51
Interview on rules for sale of housing to young people: Where to apply for consultation and who has advantages
10 October 2019, 13:56
Prime Minister Askar Mamin holds a meeting with Prime Minister of Mongolia Ukhnaagiin Khürelsükh
10 October 2019, 13:12
Prime Minister Askar Mamin attends the opening of VIII Global Summit on Urban Tourism
10 October 2019, 09:47
Roman Sklyar participates in XV meeting of Kazakhstan-Belarus Intergovernmental Commission on Trade and Economic Cooperation
10 October 2019, 09:29
Berdibek Saparbayev inspects sports and medical facilities in the capital
09 October 2019, 18:43
Prime Minister Askar Mamin inspects progress of major infrastructure projects
09 October 2019, 09:50
Roman Sklyar participates in Kazakh-French investment forum
08 October 2019, 18:38
Improvement of mechanisms for payment of targeted social assistance, development of civil aviation and measures to reduce airfare prices — how the Government session took place
08 October 2019, 18:33
Prime Minister Askar Mamin’s working trip to Semey: 2025 City Development Plan and preparations for 175th anniversary of Abay
Documents
© 2019 Press service of the Prime Minister of the Republic of Kazakhstan