Kazakhstan economy grows 4.1% over past 10 months

ASTANA. KAZINFORM - Kazakhstan's GDP grew by 4.1 percent in January-October of this year, Kazinform correspondent cites Kazakh Minister of National Economy Timur Suleimenov.

"In January-October of this year, the economy of Kazakhstan has maintained a positive growth trend. GDP growth in the period under consideration reached 4.1 percent. The major factors of economic growth were a high investment activity, slowdown in inflation, and a production increase in the backbone industries of the economy," the minister said at today's session of the Government.

According to him, the inflation rate remains within the 5% to 7% band. The inflation rate was 0.4 pct in October of this year, and 3.7 pct year to date. "Annual inflation rate has equaled to 5.3 pct. The record low level over the past three years has been reached," the minister pointed out.

The minister also said that investment demand is growing at a steady pace. Investment in fixed assets has increased by 20.8 percent.

However, as of November 1 of this year, the country's international reserves decreased by 2.7 pct year on year down to $85.6 billion due to a decline in gold and foreign exchange reserves by 7.6 pct down to $29.1 billion. At the same time, the assets of the National Fund have demonstrated a 0.1-percent growth up to 56.5 billion dollars.