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HomeEconomyKazakh Financial system Grows 4.6 % in 5 Months

Kazakh Financial system Grows 4.6 % in 5 Months

NUR-SULTAN – Kazakhstan’s financial system has witnessed a 4.6 p.c development between January and Could, stated Minister of Nationwide Financial system Alibek Kuantyrov at a authorities assembly on June 14 summing up the outcomes of the nation’s social and financial growth.

The federal government cupboard throughout their assembly on Tuesday. Photograph credit score:

Key elements driving the expansion have been rising dynamics within the providers sector and in exports.

“Progress in the true sector was 4.8 p.c. Enterprise exercise within the service sector elevated to three.9 p.c,” stated Kuantyrov.

Commerce, development, transport, manufacturing, info and communication, mining, water provide, and agriculture are additionally booming. 

Investments in fastened property rose by 2.5 p.c, with the largest improve in schooling – by 71.1 p.c, social safety – by 55.1 p.c, scientific and technical actions – by 35.9 p.c, well being – by 27.8 p.c, actual property transactions – by 20.4 p.c, commerce – by 13.9 p.c, and development – by 10.7 p.c.

“Within the regional context, the very best efficiency was in Shymkent and Almaty, in addition to within the Akmola Area,” stated the minister. 

Kazakhstan’s international commerce turnover additionally noticed spectacular development of 40.8 p.c between January and April in comparison with the identical interval final yr, reaching US$39.7 billion. Exports elevated by 60 p.c, exceeding $26 billion, whereas imports made $13.2 billion. 

Kuantyrov counseled the expansion fee within the manufacturing sector, the place manufacturing grew by 5.3 p.c. 

“Sixteen areas confirmed optimistic development. The biggest improve was within the metropolis of Almaty, in addition to in Kostanai, Atyrau and East Kazakhstan areas,” he added. 

In line with Chairman of Nationwide Financial institution Galymzhan Pirmatov, the worldwide markets stay risky as economies proceed to operate amid rising geopolitical dangers and persistently excessive inflation. 

In Kazakhstan, in Could inflation in annual phrases accelerated to 14 p.c from 13.2 p.c in April. In line with forecasts of the Nationwide Financial institution, in 2023 inflation will step by step decelerate to 7.5 p.c – 9.5 p.c, considering measures adopted in financial coverage, the gradual discount of exterior stress on inflation, and the deliberate implementation of the countercyclical fiscal coverage.

Kazakh Prime Minister Аlikhan Smailov stated one of many key elements driving inflation up is the expansion in world meals costs. The Russian-Ukrainian battle introduced a significant shock to international meals markets as the 2 international locations are principal exporters of wheat and oils inflicting a surge in meals costs which have been going up since mid-2020 because of numerous provide chain constraints and surging demand.

The federal government is predicted to convene in an expanded format in July to report the nation’s half-year outcomes to President Kassym-Jomart Tokayev. 

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