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Living standards in Kazakhstan getting better

19 May 2017 17:00 1137
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Living standards in Kazakhstan getting better

ASTANA. KAZINFORM In 2017 Kazakh citizens' wages outpace the cost of living, according to ranking.kz.

In Q1 this year the real income of Kazakh citizens have increased 2.4 per cent over the last year level. Moreover, in March the consumer purchasing power has risen by 4.8pct in contrast to February.

It bears reminding that last year the salary and other treasury revenue purchasing power of an average citizen was getting down for a mean of 0.2per cent a month. In 2016 the real income in Kazakhstan dropped by 4.5pct for the first time in 7 years.

In 2017, the income of Kazakh citizens succeeded in outstripping the inflation rate. The nominal cash wages for Jan-Mar 2017 have amounted to KZT232,100, which is 10.4 per cent higher than a year ago. For the same period the consumer prices of commodities and services in the country have risen by 7.8pct as the inflationary pressure was lower this year than the last year. Thus, the standard of living in Kazakhstan is returning to the level of 2013-2014 when the consumption was growing and the business climate in the economy was favorable enough.

Statistically, the major cost-of-living indices of Kazakhstan remain at comfortable levels. In particular, over the last 4 years the income inequality (the richest 10pct to the poorest 10pct income ratio) is not exceeding 5.6-5.7.

According to the UN recommendations, R/P 10% ratio shall not exceed 8-10 percent. Otherwise, the gap between the rich and the poor increases, and this will result in a greater risk of social upheaval.

 

 


Keywords: Economy,
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Almas Zheksenbekov
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