0.4% GDP growth observed in Kazakhstan since Jan 2016

ASTANA. KAZINFORM Kazakhstan's GDP growth in January-September 2016 made 0.4%, according to Minister of National Economy Kuandyk Bishimbayev who said it at the Government's meeting on Tuesday.

“As per preliminary data, in 9 months of 2016, economic growth paces accelerated from 0.3% in January-August to 0.4% in September due to increased production of goods (by 0.2%) and services (by 0.4%),Э the Minister noted.

Meanwhile, as the Minister said, inflation processed are slowing down now. The situation on the currency market is being stabilized. Investment activity of enterprises and international reserves of the country are increased and low unemployment rate is retained.

Growth in construction (6.9%), agriculture (4.9%), transport sector (4.0%) and processing industry (0.6%) have caused economic rise, he explained.

“We observe slowdown in inflation processes. Like in August, inflation in September slowed down by 0.2%. Since the year beginning, inflation made 5.6% (2.9% in January-September 2015) due to 6.8% increase in non-food products prices,” Bishimbayev clarified.

According to the Ministry of National Economy, food stuffs’ prices in the reporting period rose by 4.9%, paid services – by 5.3% including regulated services – by 7.6%.

In regional breakdown, high inflation rate exceeding average republican level is observed in seven regions: Mangistau region – 7.2%,  Astana – 6.6% and South Kazakhstan region - 6,4%. The lowest inflation rate at  4.5% is observed in Akmola region  and at 4.9% in Almaty, Kyzylorda, North Kazakhstan regions,” Bishimbayev added.