Kazakhstan’s economic development

Investment activities are growing in Kazakhstan. Kazakh Minister of National Economy Timur Suleimenov presented the results of the social and economic development of Kazakhstan over the past six months. According to him, the GDP grew 4.1 per cent in the first half of the year. The increase is observed in the industrial, agricultural, construction and manufacturing sectors. The inflation rate reached the lowest value in the last three years. Meanwhile, the fixed capital investments which totaled 26 per cent are maintaining its rising trend.

TIMUR SULEIMENOV, KAZAKH MINISTER OF NATIONAL ECONOMY:

- The industrial production grew by 5.2 per cent and maintained the growth rate. The mining industry grew 5.5 per cent. The growth is mostly due to the significant excess of the oil extraction at Kashagan. The planned output was 4.9 million tonnes, but instead 6.2 million tonnes were extracted. I would like to mention that the economy showed stable results in the first half of the year, as the GDP could potentially exceed 4 per cent. Kazakhstan’s international reserves grew by 0.9 per cent and totaled US$89.9 billion. The National Fund’s assets grew by 1.5 times.

The export of Kazakhstan’s goods grew by 27 per cent while import increased by 19.4 per cent.