Foreign direct investment in the country increased by 4.7% to 6 trillion tenge ($18.12 billion) in January-November, according to Kazakh Minister of National Economy Kuandyk Bishimbayev.
“Realisation of industrial-innovative and infrastructural projects within the state program Nurly Zhol and the anti-crisis programs contributed to the growth. Since the beginning of the year, we have been observing positive dynamics of foreign direct investment. Thus, the net inflow of foreign direct investments between January and September was $12.1 billion, which is higher than last year’s level 4.4 times”, Bishimbayev said.
He also reported that in the period between January and November, economic growth accelerated by 0.8%, up by 0.2% YoY. Production of goods increased by 0.9%, growth in services stood at 0.6% as taxes on products grew by 2.4%.
“Construction, agriculture, transportation and manufacturing are main drivers of economic growth. The manufacturing industry showed positive trends. In November, the growth accounted for 4% MoM and 1.1% YoY. Outstripping growth rates in the manufacturing industry that have developed higher than in the mining industry triggered the growth in the steel industry”, the minister informed.
In addition, the minister noted that ion January-November Kazakh banks increased lending. This year, tax revenues will be higher than expected, Minister of Finance Bakhyt Sultanov added.
“The indicators are good. GDP grew by 0.8% over the 11 months. We can reach a growth of 1% by the end of the year. We need to make all efforts in this direction”, Prime Minister Bakhytzhan Sagintayev said.
In addition, the prime minister outlined that the inflation rate needed to remain within 6-8%. (The Astana Times/Business World Magazine)
