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GDP growth reached 4% for January-May

GDP growth reached 4% for January-May

At the meeting of the Government chaired by Prime Minister Askar Mamin, ministers of national economy, finance, industry and infrastructure development, energy, agriculture reported on the results of the country’s socio-economic development and the execution of the republican budget for January-May 2019. The reports of the National Bank and akims of several regions were heard.

"For January-May 2019, GDP growth reached 4%,” Mamin said and instructed to take measures to increase the pace of economic development.

The main drivers of the economy were construction — an increase of 8.8%, trade — 7.5%, transport — 5.3%, processing industry, including mechanical engineering — 16%, machine engineering — 46.4%.

In the five months 2019, the work in Akmola, Pavlodar, East Kazakhstan, Kostanay, Turkestan regions was marked as showing positive socio-economic development.

Mamin instructed the regional akimats to strengthen measures to ensure the growth of indicators in construction, investment, industry and housing construction.

Monthly inflation in May 2019 amounted to 0.6%. Thus, inflation since the beginning of the year was 2.4%. He stressed that despite the compliance with the established corridor (4-6%), in a number of regions there was an increase in prices for agricultural products.

“Now the market is saturated with fresh vegetables, fruits and berries, respectively, prices should decline," said Mamin. “The regional akims must take comprehensive measures to stabilize prices, especially for socially important food products.”

Regarding the execution of the republican budget, he noted the need to continue intensive work on the timely competitive procedures. This will level the risks of non-execution of budget funds.

Summing up, Prime Minister Askar Mamin stressed the importance of ensuring the full implementation of the strategic course of the First President – Elbasy Nursultan Nazarbayev and the fulfillment of the electoral program of the Head of State Kassym-Jomart Tokayev. These measures include increasing the income and quality of life of the population through sustainable development of the economy, infrastructure, provision of affordable housing, education and healthcare. Effective implementation of the strategic tasks of Tokayev’s pre-election platform will allow solving social issues of the country.

“The key task for us is creating new jobs,” said Mamin, noting that solving the issue of productive employment directly depends on the development of the economy, increasing incomes of the population, and creating competitive industries. “All akims and heads of state bodies should focus on attracting investments, developing small and medium-sized businesses. This work must be continuous.”


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