Kazakhstan’s GDP grew by 4.1% YoY in January-October, Minister of National Economy Timur Suleimenov announced.
“In January-October the economy of Kazakhstan maintained a positive growth trend. GDP growth in the period under consideration reached 4.1%. The major factors of economic growth were a high investment activity, slowdown in inflation, and a production increase in the backbone industries of the economy,” the minister said at the session of the government.
According to him, the inflation rate remains within the 5% to 7% band. The inflation rate was 0.4% in October, and 3.7% year to date.
“Annual inflation rate has equaled to 5.3%. The record low level over the past three years has been reached,” the minister pointed out.
The minister also said that investment demand was growing at a steady pace. Investment in fixed assets has increased by 20.8%.
However, as of November 1, the country’s international reserves decreased by 2.7% YoY, to $85.6 billion due to a decline in gold and foreign exchange reserves by 7.6%, to $29.1 billion. At the same time, the assets of the National Fund have demonstrated a 0.1% growth, to $56.5 billion. (Kazinform/Business World Magazine)