Economic growth is our common goal - Kazakh PM

ASTANA. KAZINFORM - Prime Minister of Kazakhstan Bakytzhan Sagintayev praised national GDP growth in 2018 at the session of the Government on Tuesday, Kazinform reports.

"From what we have heard during reports today it follows that GDP growth amounted to 4.1% in March 2018. The Head of State [Nursultan Nazarbayev] tasked the Government to step up economic growth and given that we must take consistent steps to ensure economic growth countrywide every month. It is our common goal," Prime Minister Sagintayev said at the session.

During the session, Minister of National Economy Timur Suleimenov reported that GDP growth in the first quarter of 2018 totaled 4.1% in contrast to 3.6% in 2017. According to Minister Suleimenov, the dynamics is mainly thanks to industrial and agricultural growth. Steep rise in investment and low inflation rate also spur GDP growth.

According to the ministry, since the beginning of the year inflation rate equaled 1.8%, that is 0.5% lower than in the analogous period of 2017. Kazakhstan's international reserves grew by 1.5% or $90.4 billion as of April 1, 2018. According to preliminary data of the National Bank, gold and foreign currency reserves increased by 1.1% and accounted for $31.1 billion. The National Fund assets grew by 1.6% and were estimated at $59.3 billion.