GDP Growth in Kazakhstan Hits 3%

GDP Growth in Kazakhstan Hits 3%

GDP growth in Kazakhstan hit 3 percent in 1Q2017, Kazakh National Economy Minister Timur Suleimenov said at the government meeting April 18, the ministry said in a message.

“Industry, construction, transport, agriculture and trade were the drivers of the economic growth,” Suleimenov said.
According to the ministry, the industry increased by 5.8 percent, agriculture – by 2.9 percent, the volume of construction works increased by 7.1 percent in this period.

Meanwhile, investments in agriculture increased by 22 percent, in manufacturing industry – by 32 percent, including 19.9 percent increase in investment in food production and 10.2 percent increase in investment in chemical industry.
The minister noted that inflation hit 2.3 percent in the reporting period which is 0.7 percent point less than in the same period of 2016.

“The results of the socio-economic activity in the country in 1Q2017 were influenced by improving external factors and are the evidence of the restoration of economic activity in the country,” Suleimenov said.