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Kazakhstan First Showed Impressive Results After World Economy Started Recovering: K. Massimov
Source: inform.kz
Source Date: Wednesday, July 28, 2010
Focus: Electronic and Mobile Government
Country: Kazakhstan
Created: Aug 01, 2010

Yesterday upon completion of the enlarged session of the Government Kazakh Prime Minister Karim Massimov commented on the impressive 8% GDP growth in Kazakhstan in the first half of 2010. As he said, Kazakhstan was one of the first countries which showed impressive results after the world economy started recovering. According to the Premier, maintaining the macro-economic stability in the country due to realization of a range of state programs was one of the reasons of the economic growth.

Kazakh Minister of Economic Development and Trade Zhanar Aitzhanova gave details of the macro-economic situation in the country at the Government sitting.

According to her, the results of the first half of the year showed that the Kazakh economy entered the growth trajectory. Measures on stimulation of the domestic demand and maintaining business activity in the country taken by the Government within the anti-crisis program made great contribution to the economic recovery.

Development of the real sector was of special importance for the country's economy - the industrial production in Kazakhstan in the first half of the year increased by 11% compared to the corresponding period of 2009.

Increase in production in the manufacturing industry by 18.3% which outstripped the growth in mining industry (6.3%) proves qualitative changes in the economy.

Essential development of the manufacturing industry of the country was provided by dynamic development of the engineering where the production increase in the first half of the year made 67.5%. The additional gain in production in the chemical industry reached the level of 67.5%.

Launching of agro-industrial facilities producing goods oriented at the domestic market and markets of the Customs Union provided production increase of 14.6% in the food industry.

The agricultural output growth by 3.1% was conditioned by 3.3% increase in livestock. The positive growth rates of the sector were provided by state support.

However, the investments to the main capital decreased slightly in the first half of the year. Manufacturing industry, wholesale and retail trade, transportation and warehousing were less attractive sectors for investments.

At the same time, the rate of equity capital of enterprises and companies increased by 45%.

As Zh.Aitzhanova noted, the Government managed to slow down the decrease in the volume of construction works due to realization of investment projects and putting into service of new housing. Investments into housing construction increased by 14.5% in the first half of the year.

Activation of the real sector of the economy resulted in recovery of the transport services sphere. The shipments volume increased by 16.8% in the first half of 2010.

System measures on entrepreneurship development and improvement of business climate taken by the Government played an important role in the economy recovery as well. Due to allocation of funds for support of small and medium business entities partner banks financed over 2.5 thousand enterprises to the amount of over KZT 144.7 bln.

Besides, Road Business Map - 2020 Program aimed at business sector recovery and support of new business initiatives was started this year. The work on reduction of administrative barriers for small and medium business entities is underway as well.

These and other measures allowed increasing production of small and medium business by 6.1%.

The indicator of social well-being of people is one of the most important for the Government. Successful launch of the industrialization program and implementation of the Road Map had a positive impact on the social indicators. The unemployment rate reduced by 0.9% in the first quarter compared to the corresponding period of 2009.

The inflation rate has been decreasing since the beginning of the year - from 1.4% in January till 0.2% in June.

In the first half of 2010 the inflation made up 4.4% due to appreciation of food by 5.6%, paid services by 4.6% and non-foods by 2.7%.

Upon the results of June, 2010 the annual inflation rate made 6.8%.

Domestic manufacturers increase food production to keep prices at the domestic market down. Besides, trilateral memos providing uninterrupted supply of sugar, rice, vegetable oil to the domestic markets were signed between regional akimats and wholesale and retail trade enterprises.

The Minister also addressed the issues of international reserves of the country. According to her, these reserves increased by KZT 5.7 bln in the first half of the year and made USD 53.1 bln. The assets of the National Fund were up to USD 26.5 bln.
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