Kazakhstan’s economic development

Kazakhstan’s economic development

Kazakhstan’s economic growth was estimated at 4% in 2017. Non-primary sectors significantly contributed to this. Inflation rate fell to 7%. The foreign trade turnover increased to US$69.5 billion. This was discussed at an expanded government meeting with the participation of President of Kazakhstan, Nursultan Nazarbayev. It was mentioned that the implementation of the Nation’s Plan is underway, specifically, 55 steps have already been accomplished. In addition, over 100,000 jobs were created last year. According to the Prime Minister, the state budget is disbursed to 99%.

NURSULTAN NAZARBAYEV, PRESIDENT OF KAZAKHSTAN:

 - The joint work of the government and administration has showed positive results. Thanks to concerted actions, the economy grew by 4 percent, inflation rate is around 7 percent. Therefore, I want to thank every member of the Government, I think that this is correct. I think people will agree with me. We had complex situations last year. I think that overall the year ended well for us. At today's meeting, we are summing up the results of last year and identifying new goals for 2018.

It is planned to increase the amount of additional tax and customs revenues to 6.5 trillion tenge by 2025. It is expected that this figure will reach 17% in 2018. The increase in tax collections will affect digitization of procedures. The launch of the Astana-1 information system will shorten the importing time from 1.5 hours to 5 minutes. This will increase revenues to the budget which will amount to 12 billion tenge. Participants of foreign economic activities will save about 70 billion tenge.