Kazakhstan GDP grows 4.5% in first five months of 2023, inflation remains high

Kazakhstan's GDP grew by 4.5% in the first five months of 2023, announced Prime Minister Alikhan Smailov on Thursday (29 June) at a national forum of members  of local representative bodies of the ruling Amanat Party.

Smailov said that the Kazakh economy was seeing growth in all main sectors, including a 12% increase in construction, 10% in trade, 9% in communications, 7% in transport and 3.3% in manufacturing. This comes on top of a 3.3% growth in Kazakhstan's GDP in 2022. "This year, we expect the economy to grow by 4.5-5% and by at least 6% in the medium term," he said.

Despite the strong economic growth Kazakhstan is also experiencing high inflation, although this is expected to come down in the coming months too, said Smailov.

"Annual inflation slowed down from 21% to 15.9% this May, and our task is to cut it two-fold by the end of the year," Smailov said.

The Prime Minister said that food price stabilisation was a particular priority for the government, with measures tackling the problem including forward contracts with agricultural producers, work on the stabilisation of food funds, and the construction of vegetable storage facilities, among others.

source: commonspace.eu with agencies
photo: The Astana Times

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
Turkmenistan, Azerbaijan and Uzbekistan hold important trilateral meeting

Turkmenistan, Azerbaijan and Uzbekistan hold important trilateral meeting

Turkmenistan, Azerbaijan, and Uzbekistan held important trilateral meetings in the Turkmen city of Turkmenbashi on Friday, 22 August. Joint development of deposits on the Caspian shelf and cooperation in the field of energy exports, including renewable sources, were discussed. The talks came in the framework of the visit to Turkmenistan of President Ilham Aliyev of Azerbaijan and President Shovkat Mirzizoyev of  Uzbekistan who were hosted by the Chairman of the Halk Maslahaty (Senate) of Turkmenistan, Gurbanguly Berdimuhamedov, who is a former president and the father of the current president, Serdar Berdimuhamedov. Azerbaijani media noted that during the meeting Uzbekistan hailed a scheme to export green electricity to Europe as promising, while Turkmen officials signaled a new openness to ideas long discussed in Brussels and Ankara, to build a Trans-Caspian gas pipeline, a project that has been under discussion for more than 30 years.

Popular

Editor's choice
News
Turkmenistan, Azerbaijan and Uzbekistan hold important trilateral meeting

Turkmenistan, Azerbaijan and Uzbekistan hold important trilateral meeting

Turkmenistan, Azerbaijan, and Uzbekistan held important trilateral meetings in the Turkmen city of Turkmenbashi on Friday, 22 August. Joint development of deposits on the Caspian shelf and cooperation in the field of energy exports, including renewable sources, were discussed. The talks came in the framework of the visit to Turkmenistan of President Ilham Aliyev of Azerbaijan and President Shovkat Mirzizoyev of  Uzbekistan who were hosted by the Chairman of the Halk Maslahaty (Senate) of Turkmenistan, Gurbanguly Berdimuhamedov, who is a former president and the father of the current president, Serdar Berdimuhamedov. Azerbaijani media noted that during the meeting Uzbekistan hailed a scheme to export green electricity to Europe as promising, while Turkmen officials signaled a new openness to ideas long discussed in Brussels and Ankara, to build a Trans-Caspian gas pipeline, a project that has been under discussion for more than 30 years.