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Economy Ministry sticks to GDP forecast of 4%

11 January 2018 11:37 1279
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Economy Ministry sticks to GDP forecast of 4%

ASTANA. KAZINFORM - The Ministry of National Economy sticks to GDP forecast of 4% for 2017.

Minister Timur Suleimenov said at the Government's Thursday session that gross domestic product had been projected to amount to 4% and the ministry would stick to that figure.

He added that in 2017 economic growth had been quite balanced and improvements had been observed in all sectors of economy.

In his words, increased economic situation, gradual recovery of domestic demand, improvement of economic situation in the EU, Russia and China were among the factors which helped boost economic growth in Kazakhstan last year.

"Positive shifts were observed in external trade in the past 11 months: Kazakhstan's exports to Russia increased by 33%, China - 34.9% and the EU - 31%," Minister Suleimenov noted.

He added that inflation rate decreased to 7.1%, whereas labor market demonstrated stability with unemployment rate at 5%.

In addition, the National Fund assets amounted to $57.6 billion as of December 1, 2017 taking into account the funds attracted in order to support Kazakhstan's financial sector.

Keywords: Economy, Kazakhstan,
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