Kazakhstan’s GDP increased by 4.2% year-on-year in the first three quarters of this year

China News Service, Astana, October 13 (Reporter Shan Lu) Kazakhstan's Deputy Prime Minister and Minister of National Economy Zhuman Garin said at a government meeting on the 13th that in the first three quarters of this year, the country's gross domestic product (GDP) grew by 4.2% year-on-year. Under the constraints of oil production cuts and other factors, non-resource-based industries have provided strong support for the country's economic growth.

According to Rumangarin, it is estimated that Kazakhstan’s non-resource-based industries grew by 5.4% year-on-year in the first three quarters of this year. The construction, manufacturing, transportation services and trade industries are growing rapidly, and their combined contribution to the country's economic growth exceeds 75%. Kazakhstan is gradually advancing its economic diversification transformation. In the first half of this year, manufacturing's share of GDP rose to 14.1%, higher than the mining industry's 12.4%. In terms of investment, Kazakhstan’s fixed asset investment increased by 7% year-on-year in the first three quarters. Among them, private investment increased by 18.2% year-on-year, which was the main driving force for investment growth.

Zhumangarin also pointed out that although Kazakhstan’s economy maintains a growth trend, the reduction in oil production is still a drag on economic growth. In the first three quarters, the country's oil production fell 8.3% year-on-year to 69.4 million tons. In addition, the appreciation of the tenge has put pressure on the income of export companies and fiscal revenue, and the slowdown in consumer credit growth has also suppressed consumer demand. In order to promote economic growth, the Kazakh government will continue to provide financing support for key industries and promote the construction of projects such as fertilizer production, aluminum processing, and grain deep processing.

In terms of prices, Kazakhstan’s inflation rate in September was 9.3%, lower than August’s 9.8%, mainly due to the fall in food price increases. Rumangarin said that the Kazakh government is working with the National Bank of Kazakhstan to implement measures to reduce inflation and will curb inflation as one of the directions for increasing residents' real income. (over)