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Kazakhstan GDP growth 4.5% in 2019

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Christian Fernsby ▼ | January 24, 2020
GDP growth amounted to 4.5% in 2019, said Askar Mamin, Prime Minister of Kazakhstan.
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Economy in Kazakhstan   Kazakhstan street
"GDP growth made 4.5% in 2019, more than 85% were contributed by non-crude sectors, construction, trade, transport were the main economy drivers," said Mamin at the extended session of the Government chaired by Kassym-Jomart Tokayev, President of Kazakhstan.

Topics: Kazakhstan GDP

In his words, growth in the processing industry amounted to 4.4%, provided by mechanical engineering, pharmaceutics and light industry.

Mining industry increased by 3.7%, due to increase of the volume of metal ores (16%).

"Inflation has been within the planned corridor 4.6 - 5.4%. Real incomes of the population grew up by 5.5%, salary increased for 2.7 million people in Kazakhstan. The labor market remains stable: more than 423 thousand new work places have been created, including 279 thousand permanent ones, " he said.

In his words, the state budget revenues excluding transfers were performed in the amount of 9.688 trillion tenge, with the increase of 1.5 trillion tenge against 2018. Revenues of the republican budget were performed to 106%, local to 103%. The state budget expenditures amounted to 14.180 trillion tenge, 99.7% up.

The prime minister noted, foreign trade turnover increased by 2.3% to $ 97 billion. The foreign trade surplus amounted to $ 23 billion, and $ 25 billion of foreign direct investments were raised.

“Production output by the small and medium sized sector grew up by 9%, the share of SMEs in the economy reached 29.5%. At the same time, the number of operating enterprises increased by 8%,” added Mamin.