Kazakhstan’s GDP growth reached 3.8% in the first quarter

Kazakhstan’s GDP growth reached 3.8% in the first quarter

Kazakhstan is maintaining its momentum of economic development. In the first quarter of this year, the republic’s GDP was estimated at nearly 4% due to the growth in the processing industry, the construction and the volume of investments. According to the Ministry of National Economy, the country’s industrial production has increased by 3.2% in the first three months of this year. Double-digit growth is recorded in the light industry as well as other sectors such as the production of beverages and plastics, building materials and mechanical engineering.

RUSLAN DALENOV, KAZAKH MINISTER OF ECONOMY

The investment dynamics has almost doubled. In two months, the investment rates were estimated at 4.2%. By the end of the quarter, these rates rose to 7%. The growth is mainly due to the acquisition of investment goods.

According to the Kazakh Ministry of Industry and Infrastructure Development, the share of non-primary exports has significantly increased last year.

ROMAN SKLYAR, KAZAKH MINISTER OF INDUSTRY AND INFRASTRUCTURE DEVELOPMENT

In 2018, Kazakhstan’s non-commodity export amounted to US$15.7 billion. (It grew by 1% over the same period last year). The chemical industry increased by 2.6%. Mineral products were grown by 14.6%. Engineering industry was increased by 11% while food products were grown by 7.6%. (Today), (Kazakhstan exports 800 products to 120 countries).

Meanwhile, the export of services in transport and construction were increased last year. Currently, Kazakh construction companies are currently actively participating in international projects such as the road construction in Georgia, railways in Slovakia and enrichment plant in Kyrgyzstan.