Kazakhstan Recorded 4.1% Economic Growth in First Half of 2019

Kazakhstan Recorded 4.1% Economic Growth in First Half of 2019

Kazakhstan saw a 4.1% growth in its economy in the first half of 2019.

The growth was driven by the progress seen in industrial production, construction, transport, trade and agriculture.

Production and manufacturing outputs in light and metallurgical industries, mechanical engineering, refined products, and pharmaceuticals has expanded across the country.

In addition, there was an increase in the volume of fixed investments.

Spokesperson of Kazakh Ministry of Economy, Askar Zhaparkulov said that in the first quarter the economic growth totaled 3.8% while growth in the first half of the year was recorded at 4.1%.

“It means that we have a good tendency and our economic activity is strong. Investment in fixed capital is an important indicator because it guarantees further economic growth. It grew 11.7% in the first six months. This is a good indicator. Investment in fixed capital grew 7% in the first quarter” he said.

Kazakhstan is set to boost the volume of investments in fixed assets, annually by 20% and bring it to 30% of the GDP by 2025.

Therefore, increase in foreign direct investment is planned from US $24 billion to US $34 billion.

There is great potential in the manufacturing industry, the fuel and energy complex, the agro-industrial complex and tourism.

Photo: 7kun.kz