Manufacturing sector became the main driver of industrial growth in Kazakhstan

 

Manufacturing sector became the main driver of industrial growth in Kazakhstan. This is the result of effective implementation of state programs. According to experts, industrialization is changing the structure of the economy. According to preliminary estimates, the republic's GDP reached 4% in 2017. Almost half of the increase was ensured by industrial production, as well as by the extraction of oil and ores.

MADIYAR KENZHEBULAT, ECONOMIST:

 - The growth was mainly due to industrial production. Last year’s launch of Kashagan boosted up the economy. On the other hand, manufacturing industry showed sustainable growth, particularly ferrous and non-ferrous metallurgy, and it was the second driver. Trade was the third driver of economic growth. That is, there were certain boosters of the economy in 2017.

According to analysts, the republic set out the right economic development strategy. The focus on diversification and attraction of investments proved to be fruitful.

YERBOL TASZHUREKOV, DEPUTY CHAIRMAN, KAZAKH INVESTMENTS COMMITTEE:

 - If at the beginning of implementation of the state program of industrial-innovative development the growth of manufacturing industry was 8% then in 2017 the share of investments in the manufacturing industry made up almost a quarter – 22.8%

To increase the volume of non-primary exports to 50% is the main goal of the national export strategy for the next five years. Economists are focusing not only on the oil and gas sector, but also on trade and agriculture. The potential of this industry in Kazakhstan is especially high. Experts estimate the pace of Kazakhstan’s economic development as one of the most rapid. Our country even outpaced the world indicators. If the entire world economy shows the growth at the level of 3% Kazakhstan reached almost 4%. Analysts believe that the republic will be able to maintain such rates in 2018 as well.