Kazakhstan’s industries such as construction, agricultural complex, transportation and manufacturing have become the drivers of economic growth. In the past 11 months, the country’s GDP grew by 0.8 percent.

BAKHYTZHAN SAGINTAYEV, PRIME MINISTER OF KAZAKHSTAN:

We have a good indicator, the tendency is positive. Summing up the first six months, we hoped for growth of 0.5%, but today we’ve reached 0.8%. It is possible that we finish the year at a level of 1% growth.

Economic growth was provided by a number of indicators. First, there is a manufacturing industry that outperformed the mining sphere. Production of steel products, pharmaceuticals, textiles and food products has increased. Secondly, oil production launched at Kashagan field in September. This provided additional 75,000 barrels of oil per day. And thirdly, the implementation of Nurly Zhol state program and the anti-crisis plan has had a positive effect on the overall economy.

KUANDYK BISHIMBAYEV, KAZAKH MINISTER OF NATIONAL ECONOMY:

With such dynamics of economic development in 11 months of this year, we expect exceeding target parameters for economic growth at the end of 2016. In general, the main contribution to GDP growth has been made through the implementation of the Nurly Zhol state program and the government’s, the National Bank’s anti-crisis plan with a total funding of about $1.7 trillion tenge.

Meanwhile, the external turnover on the preliminary results reached almost $50 billion; it is more than 16.5 trillion tenge, and by $9 billion more than compared to last year.

The investment activity also improved last year. In 11 months, Kazakhstan attracted 6 trillion tenge, primarily into agriculture. Investments in this sector increased twice and amounted to 228 billion tenge. Major investments were also attracted in trade, mining and manufacturing industries.

KAIRAT AITUGANOV, VICE MINISTER OF AGRICULTURE:

This increase was due to the introduction of new projects in the regions, within the project on export potential of cattle, incentives for implementation of co-operatives in rural areas, as well as due to increase in the volume of investment subsidies.

Revenues in the state budget were also higher than usual, and were realized by 107% due to increased tax revenues. At the end of the year, the figure may reach 300 billion tenge. The National Bank’s chief stressed that in general, Kazakhstan’s economy has adapted to the new reality. At the end of 11 months, inflation has not exceeded the threshold of the corridor of 8%. Currently, it hits the level of 7.5%. The figure is expected to remain at the same level next year.

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