Kazakhstan: 4.1% GDP growth

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June 18th, 2017 – Fort Russ News –

– eurasiatx.com – – translated by Frederick Assar –

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Kazakhstan’s economy grew by 4.1% in five months, the country’s Minister of Economy, Timur Suleimenov said. Specifically, the increase refers the period from January to May 2017, compared with the same months of 2016. Suleimenov confirmed this during a government meeting on 13 June.

At the same time, inflation was at 3.3 per cent. In annual terms, however, it dropped to 7.5 per cent from 16.7 per cent in May 2016. Monthly inflation in May of this year was 0.5 per cent.

According to Suleimenov, the volume of fixed asset investments (fixed assets) increased by 5.2 per cent, with a growth of 5.5 per cent in January and 3.1 per cent in the first three months of the year. Growth was achieved through the implementation of industrial, innovative and infrastructure projects within the Nurly Zhol (Bright Path) state program and the State Program for Industrial and Innovative Accelerated Development (SPAIID).

In the months of January-April 2017, agriculture experienced a significant growth of +26.3 per cent, reaching 47.2 billion tons (about $ 150 million) and real estate transactions rose by 13.5 per cent up to $ 251.8 billion ($ 796 million).

The average nominal income of the population in January-April 2017 was 308,400 tenge ($ 975) and rose 8.2 per cent in nominal terms over the same period of 2016, with a real increase of 0.5 per cent. In addition, the unemployment rate stood at 4.9 per cent in April 2017.

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