Kazakh economy grows 3 per cent in Q1

ASTANA. KAZINFORM Minister of National Economy Timur Suleimenov informed that Kazakh economy development in the first quarter of 2017 followed the recovery of consumer and industrial activity of the country's key trade partners - EU, China and Russia, Kazinform correspondent reports.

"IMF expects that the economic activity either in developed or developing countries will accelerate at the level of 3.4-3.6 per cent this year as evidenced by the world economic projections. Particularly acute in the first half of 2016 the external downside risks for the economy of Kazakhstan such as the fall of raw commodities prices and the stagnation of the trade partners economies have completely ended by now", the minister said.

He said that since the beginning of the year the oil price has stabilized at the level of $54.1 a barrel, the metals price index has gone up by 5.2pct, and after a long decline the economy of Russia is expected to grow by 1.1pct this year while Chinese economy is to increase by 6.5pct.

"Preliminary figures indicate that in the first quarter of 2017 the country's GDP has risen by 3 per cent whereas in the same period of the last year it insignificantly declined. The economy growth drivers were industry, construction, transport and trade", the minister noted.

According to him, the intensive growth at the industry level was observed in the first quarter this year. The industry demonstrated positive results with 5.8pct rise against 0.8pct decline in the same period of 2016. For the reported period the overall production has increased by 5.6pct against 1.5pct reduction in the same period of 2016 owing to the increase in production of oil by 5.2pct, iron ore by 11.4pct and coal by 17.4pct.