Kazakhstan Sees 4.2% of Investment Growth in February 2019

Kazakhstan Sees 4.2% of Investment Growth in February 2019

Kazakhstan saw a 4.2% investment growth in its economy in February this year on the back of higher gross domestic product (GDP) growth of 3.5%.

In January this year, the country’s GDP growth was recorded at 2.9% while the net inflow of foreign direct investments (FDIs) increased by almost 10% amounting to over US$4 billion.

Kazakh Minister of National Economy, Ruslan Dalenov said the GDP growth has been accelerated based on the overall results of the first two months of this year.

In addition, he said inflation remains within the limits of the projected figures, investment growth continues and international reserves are stable.

“The increase (in GDP growth) is due to higher volumes of produced goods as well as growth in the service sector,” he said.

Based on the National Bank of Kazakhstan’s data, the expected inflation rate in January 2019 is 4.7% while the actual rate is 5.2%.

Meanwhile, Kazakhstan regions are actively attracting higher investments to implement more infrastructural developments.

Karagandy region, for example, has attracted 470 billion Tenge of investments last year and it is projecting an increase in investment figure to 520 billion Tenge this year.

“Compared to last year, the growth of direct investment was 21%. This year we can to continue this (growth). Since the first two months of this year, we have attracted twice the amount of capital in the region,” Deputy Governor of Karagandy Region, Almas Aidarov said.

He added that 85% of the total investments are from the private sector while half of the capital is from foreign investors.

Currently, 40 projects are being implemented in the Karagandy region, particularly in the mining and metallurgical industry as well as transport, logistics and food industries. The total of the projects exceeds one trillion Tenge.

Photo: naryk.kz