Smailov instructed to effectively use tools to curb inflation

At the meeting of the Government chaired by the Prime Minister of Kazakhstan Alikhan Smailov, the results of the socio-economic development of the country and the execution of the republican budget for January-March of this year were considered, Kazpravda.kz reports citing the press service of the Prime Minister of Kazakhstan.

Reports were made by Chairman of the National Bank of the Republic of Kazakhstan Galymzhan Pirmatov, Deputy Prime Minister – Minister of Finance Yerulan Zhamaubayev, Ministers of National Economy Alibek Kuantirov, Agriculture Yerbol Karashukeev, Industry and Infrastructure Development Kairbek Uskenbaev, Energy Bolat Akchulakov.

Thus, according to the Ministry of National Economy, in January-March this year, the growth rate of the economy of Kazakhstan accelerated to 4.4%. During the reporting period, according to the main trends, an acceleration of growth in the real sector, a gradual increase in exports, and a stable dynamics in the service sector are observed.

“Growth in the real sector amounted to 5.9%. Business activity in the services sector increased to 2.8%. Among industries, positive growth is shown by transport and warehousing (growth by 9.3%), construction (by 8.6%), trade (by 8%), water supply (by 7.7%), manufacturing industry (by 6.5%), information and communications (by 6.4%), mining (by 6.1%), agriculture (by 1.8%),” said A. Kuantirov.

The manufacturing industry maintains a steady growth trend. For January-March of this year production increased by 6.5%. Positive growth was noted in all regions. The largest increase is noted in Almaty (growth by 18%), as well as in the North Kazakhstan (by 14.4%) and Atyrau regions (by 14.3%).

In the mining industry, the volume of production increased by 6.1%. In terms of industries, production increased in the provision of services in the mining industry - by 17.1%, gas production - by 8.2%, crude oil production - by 7.6%, extraction of other minerals - by 6.3%, in the extraction of metal ores and coal - by 1.9%.

The growth dynamics of housing commissioning improved by 7.7 %. A total of 2.9 million sq. m of housing were commissioned, which is higher than in January-March of the previous year by 0.4%.

After listening to the speakers, Alikhan Smailov noted that thanks to the sustainable development of the real sector of the economy in the first quarter of this year, it was possible to achieve GDP growth of up to 4.4%.

“According to all the main indicators, there is an increase in Akmola, Almaty, Zhambyl and East Kazakhstan regions and the capital. Two negative indicators are in Aktobe, Pavlodar, Turkestan regions and Almaty. The rest of the regions need to intensify their work,” the Prime Minister of the Republic of Kazakhstan said.

According to A. Smailov, in general, today it has been possible to neutralize the impact of restrictive measures on the socio-economic development of the country, but work in this direction should be continued, since the impact of sanctions on the economy of our neighbors is increasing.

The Government also faces the difficult task of curbing inflation. There is an acceleration of annual inflation in the country in March up to 12%.  

“On behalf of the Head of State, the country is implementing a set of measures to control and reduce inflation for 2022-2024. The necessary tools to curb inflation are available. State bodies and akimats should use them effectively, as well as keep this issue under special control,” A. Smailov emphasized.