Kazakhstan GDP growth reaches 2.9% in January 2019, says Economy Minister

ASTANA. KAZINFORM - GDP growth in January 2019 was 2.9%, Minister of National Economy of Kazakhstan Timur Suleimenov has told today's Government session, Kazinform correspondent reports.

"GDP growth was 2.9% in the period under review. The growth is ensured by the demand being maintained on the consumer market and in the extractive industries," Timur Suleimenov said, reporting on the results of socio-economic development in January of this year.

In addition, the minister said that the slowdown in the rates of economic growth was mainly due to the decline in the manufacturing industry and construction, as well as the slowdown in investment activity.

"In general, there was last year's high base effect in all the backbone industries. The inflation rate was better than in the same period in 2018. It reached 0.5% year-to-date and 5.2% year-on-year," Timur Suleimenov informed.

The minister added that in January 2019, fixed-asset investment decreased by 2.5 pct against the backdrop of the high base last year.

"The decline is attributable to the completion of the modernization and reconstruction of the Shymkent Refinery and the Aksu Ferroalloy Plant," the minister clarified.

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