Kazakh economy grows 4.3% over 8 months

ASTANA. KAZINFORM The growth of Kazakhstan's economy reached 4.3% since the turn of the year, First Vice-Minister of National Economy Ruslan Dalenov has told the Kazakh Government today, Kazinform correspondent reports.

"After the economic growth had a slight 4-percent slowdown in July, it has risen to 4.3% for eight months of this year according to the preliminary estimates. The foreign trade has risen by nearly a third, and the inflation has slowed down and comes within the target corridor. Amid this situation, rating agencies Moody's and S&P changed the sovereign credit rating outlook from negative to stable," Dalenov said.

He highlighted the non-resource sector that strengthens up to 2.3 pct, whereas the commodity segment growth totaled 1.6 pct.

According to the Vice-Minister, a high growth dynamics is observed in four of six primary sectors (industry; trade; transportation and warehousing; information and communication), while the construction and agriculture are slowing down.

"In the face of the revival of economic activity in the manufacturing sector, the service sector is gradually obtaining the path of stable growth. In eight months of this year, transportation services have increased 4.7%. As to the services for trade and communications, the growth equaled 2.9%," he summed up.