GDP in Kazakhstan since the beginning of the year increased by 4.2%

Dec 20. Kazpravda

By Aynur Kuramysova

GDP in Kazakhstan since the beginning of the year increased by 4.2%The Government announced results of socio-economic development of Kazakhstan for 11 months in 2014.

GDP growth in Kazakhstan for 11 months of 2014 was 4.2%, reports referring to vice-minister of national economy Madina Abylkasymova.

“This year, Kazakhstan’s economy has evolved under the negative influence of external factors. According to preliminary estimates of the Ministry of National Economy, in January-November 2014 GDP growth was 4.2%,” – she said at the briefing in the Central Communications Service.

According to Abylkasymova, since the beginning of the year, inflation was 6.9%, which is 2.8% higher than in the same period in 2013: “The increase in inflation was conditioned by rising prices of non-food products – by 7.8%, growth in food prices – 6.9% and the rise in prices for paid services – 6.1%.”

At the same time, the Vice-Minister noted an increase of investments in fixed capital, but for the low investment activity in the mining and manufacturing industries, investment growth slowed to 4.1% against 8.7% in the same period last year. Abylkasymova explained that this is caused by the fall in world oil prices and major export metals, reduction of export volumes of oil, coal, aluminum, ferroalloys. “Imports of goods, she said, decreased by 14.5% due to reduction in imports of petroleum products, automobiles, spare parts, furniture and confectionery products. During 10 months, exports of goods decreased by 4.9%, foreign trade turnover – by 8.3% compared to the same period in 2013 year. The growth has been observed in the industry by  0.1% due to the increase of the volume index in the manufacturing sector, “- said the representative of the Ministry. In turn, the index of physical volume of production of goods reached 100.2%, the index of physical volume of production of services approached to 106%.