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Kazakh GDP Grows 3.9%
Kazakh GDP Grows 3.9%

Kazakh GDP Grows 3.9%

Kazakh GDP Grows 3.9%

Increasing investment activity and decelerating inflationary processes resulted in the Kazakh GDP growing by 3.9% in the first five months of this year, said Minister of National Economy Timur Suleimenov during a government meeting on Tuesday. “Economic processes continue developing within the balanced growth path, as improvements are registered in all sectors of the economy,” he noted, Bnews reported. Industrial production sustained a steady growth of 5.4%, while the mining industry increased by 5.6%. The processing industry experienced a 5.5% increase due to double-digit growth in paper, chemicals and tobacco goods. Machinery and furniture manufacturing rose by 12.2 and 6.6%, respectively, although agricultural growth remained at 3.9%. The construction industry, which increased 5.9% in the first quarter, fell to approximately 0.3%. Inflation has been recorded at 2.4% since the beginning of the year, a 0.9% decrease compared to the corresponding period of 2017. As of May, the annual inflation rate reached a three-year record low of 6.2%. The country’s foreign trade turnover has continued its positive dynamics, growing by 24.3% to $21 billion in the first quarter. Exports soared by 27% to $13.8 billion, whereas imports grew by almost 20%.

 

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