Economics

Economic growth in 2019 H1 is 4.1% - Kazakhstan PM

Photo of Kazpravda.kz by Adilbek Taukelov
At the enlarged Government meeting on 2019 H1 results, the growth rate of the economy of Kazakhstan from 2.9% to 4.1% was noted, Kazpravda.kz reports citing the press service of the Prime Minister of Kazakhstan.

"The main sources of growth were industry, construction, transport, trade, agriculture. In manufacturing, growth was mainly due to pharmaceuticals, engineering, oil refining, non-ferrous metallurgy, light industry and beverage production. Industry growth was achieved in 14 regions," Prime Minister of Kazakhstan accounted.

To ensure sustainable economic growth and create productive jobs, a key issue is attracting a new wave of investment.

"Our task is to increase the volume of investment in fixed assets annually by an average of 20% and bring it to 30% of GDP by 2025," said Askar Mamin, noting that investments in fixed assets increased by 11.7%, including private investments - by 13%.

According to him, to achieve the target parameters, it is necessary to attract investments in fixed assets in the amount of 30 trillion tenge over 5 years.

The PM noted the potential for attracting investment in the manufacturing industry, fuel and energy complex, transport and logistics, agriculture and tourism.

Given the growing global competition, the Government began to work proactively on attracting investments with the use of all state support measures and creating a favorable investment climate.

Attractive conditions for foreign and domestic investors, the Prime Minister went on to say, will ensure the use of the AIFC potential through the application of the English law, structuring of projects and co-financing.

Specific target indicators will be set for each central and local executive body and national holding.

"The labor market remains stable. The unemployment rate in the first half of 2019 dropped to 4.8%. 186,000 new jobs were created, including 126,000 permanent ones," said Askar Mamin.

This year, he added, the coverage with measures to promote employment will quadruple, to more than 300 thousand people, including through short-term vocational training within the framework of the programs "Bastau business" and "Zhas kіsіpker."

Expenses on microloans in the current year increased to 85 billion tenge with coverage of 19 thousand people. The volume of grants for the implementation of new business ideas will be raised to 18 billion tenge, reaching more than 37 thousand people.

In addition, from September 1, scholarships of students for working specialties in TVET will be increased by 30%, covering more than 122 thousand people.

"In  2019 social spending was raised to 7.1 trillion tenge. The government will take all necessary steps to implement social measures," said Askar Mamin.


17:03, 15 July 2019
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