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Kazakhstan’s GDP Grows 4% in January-May

Wednesday 12 June 2019

NUR-SULTAN /ex ASTANA (Xinhua) – Kazakhstan’s gross domestic product (GDP) grew by 4% in the first five months of 2019, the country’s Minister of National Economy Ruslan Dalenov announced Tuesday.

“The annual inflation rate amounted to 5.3%, and remained within the target corridor of 4-6%”, the minister said.

Investments increased by 7.8%, exceeding the rate of GDP growth, he said, adding that investments in agriculture and construction rose by 1.5 times. International reserves of Kazakhstan amounted to $86.7 bln, up 0.4% compared with the previous month, the minister said.

According to the minister, industrial production of Kazakhstan in the January-May period increased by 2%, while oil production decreased by 3.2% in connection with the planned repair work. Meanwhile, the growth in the manufacturing industry increased by 3.6%. In the last five months, the growth of construction reached 8.8%.

The minister noted that steady growth was also observed in agriculture, reaching 3.7%. According to the official data, the agricultural growth was due to an increase in livestock production and crop production.

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