Kazakh National Economy Minister forecasts a 4% growth of GDP by the year's end

16 October, 2018, 12:12 462
Kazakh National Economy Minister forecasts a 4% growth of GDP by the year's end

To this end, it is necessary to ensure economic growth at a rate not less than 3.9% in the 4th quarter. 

 

In the reporting period, GDP growth has reached up to 4.1%. Minister of National Economy of Kazakhstan Timur Suleimenov said during a session of the Government, BNews.kz correspondent reports. 

Out of the basic sectors, trading and a recovery of trends of the construction sector made a major contribution to accelerate growth. Also, according to the National Economy Minister, another impetus of economic activity was the reduction of inflation pressure and the increase in investment demand. 

"Inflation is kept within the corridor of 5.7%. In this September inflation has equalled to 0.4%, and 3.3% year to date. Annual inflation has comprised 6.1%," said Timur Suleimenov. 

He also noted that the investment activity of Kazakhstan's enterprises maintained quite high and that the amount of investment in the main capital had increased by 21.6%. 

At the same time, it is noted that as at October 1 this year the country's international reserves made up to 86 billion dollars, assets of the National Fund - up to 56 billion dollars, and gold and currency reserves - 30 billion dollars. 

Fulfilling one of the tasks set in the Address of the head of state, they in the Ministry of National Economy find it possible to reach GDP growth at a rate above 4% by the year's end due to a 6% economic growth in September.  

"To this end, it is necessary to ensure economic growth at a rate not less than 3.9% (taking into account the previous year's base) in the 4th quarter," said Suleimenov. 

In addition, he told about the current unemployment level and wages of Kazakhstani citizens. So, the Minister noted that the labour market saw a stable trend towards improvement. Since the year's beginning, 414.5 thousand people have been employed, the unemployment level has been kept at 4.9%. 

"The wages increase with moderate paces. In January-September this year the average monthly wage has equalled to 158 thousand tenges and increased by 1.9% in real terms. Real money income has increased by 3.5% in the period between January and August against the increase in real wages and the reduction of inflation processes," said the Minister.