WEEKLY REVIEW: Kazakhstan economy enjoys positive dynamics, gold-value reserves grow

On Monday, the Transport and Communications Ministry announced the signing of an agreement on international road transport between the governments of Kazakhstan and Austria to contribute to further development of the Kazakh- Austrian trade and economic cooperation.

On Tuesday, at the Government meeting Kazakh PM Serik Akhmetov made public the key economic indicators for the past nine months of 2012.

"The GDP level grew by 5.2% over the period of January-September, 2012, against the analogous period of 2011 to reach KZT 30 bln. The short-term economic indicator embracing key branches up to 68% of the GDP made 102.7% against the same period of the last year," he added.

"The country's industrial output made KZT 12.1 trillion that is 0.5% more as compared to the analogous period of 2011."

"For the past nine months Kazakhstan built 4.5 mln square meters of housing," Kazakh Economic Development and Trade Minister Yerbolat Dosayev said the meeting while reporting on the results of the country's socioeconomic development for the past 9 months of 2012.

"The volume of investments into equity has increased 3.3%. KZT 286 bln has channeled to the housing construction since the beginning of the year."

"Gold and foreign currency reserves of Kazakhstan have reached the mark of $85.5 billion and went up for $12.5 billion since the beginning of this year," he said.

"In the face of uncertainty of global economy, our economy has preserved the positive growth," Minister Dossayev stressed.

He also reported that social sphere was under benign circumstances. Over the period of nine months, the real income of the population increased for 9.1 per cent.

"Kazakhstan's total trade rose by 13.5%," Yerbolat Dosayev said detailing the results of the country's socioeconomic development for the past 9 months of 2012.

"Despite some slowdown in the country's economic sector for the past 8 months of 2012 the total trade grew 13.5%. The country's export increased by 9.3%, import by 24.1%. The positive trade balance reached USD 34.2 bln," Dosayev said.

"17 agreements making up the basis of the Single Economic Space (SES) entered into effect since 1 January 2012," he went on.

"This year our Government continued to deepen integration processes within the Customs Union and the Single Economic Space. Since 1 January 2012, 17 agreements forming the legal basis of the Single Economic Space became effective. The SES will come into full play gradually," Y. Dossayev said.

Minister Dossayev reminded, Kazakhstan's Senate approved the law "On ratification of the Treaty on free trade zone" in October 2012 in order to form a single legal basis within the CIS and eradicate barriers to mutual trade.

Together with the Secretariat of the World Trade Organization there was developed the Road Map on Kazakhstan's accession to the WTO, according to him. Currently, Kazakhstan has finalized the bilateral negotiations on access to the markets of 29 countries

Besides, the Government approved the draft Law of Kazakhstan "On amendments to the Law of Kazakhstan "On republican budget for 2012-2014".

"The draft law contemplates curtailment of expenditures and rise in the budget deficit to cover losses," Finance Minister Bolat Zhamishev told representing the financial document.

"Besides, it foresees reallocation of resources to upgrade managing and solution of urgent tasks of the current year," he added.

On Wednesday, the Education and Science Ministry said that the working group considered the issue concerning inroduction of the two-staged single national testing since 2015.

"We establish all conditions for Kazakh-German economic cooperation, and for German business in Kazakhstan," Prime Minister of Kazakhstan Serik Akhmetov announced during the meeting with Chairman of the Eastern Committee of German Economy Eckhard Cordes in Regent Hotel on Tuesday.

"In recent years economic interaction between our countries has been activated. Germany is one of the leading business partners of Kazakhstan in Europe. The trade turnover for the period January-August 2012 amounted to USD 2.5 million," Serik Akhmetov told.

According to him, it is necessary to work on realization of the Agreement of cooperation in raw materials' industry signed in February this year during the visit of Head of State Nursultan Nazarbayev to Germany.

"Kazakhstan is interested in further effective attraction of German investments," Kazakh Prime Minister Serik Akhmetov informed at the meeting with German Foreign Minister Guido Westerwelle in Regent Hotel in Berlin.

"Especially, I want to note the necessity of further deepening of mutually beneficial economic and investment cooperation taking into account the implementation of the State Program of Forced Industrial-Innovation Development of Kazakhstan. Agreements in political, trade, economic, cultural, and humanitarian spheres signed during the Kazakh President's visit to Berlin in February this year fuel our relations," S. Akmetov said.

According to the Prime Minister, the countries signed a package of 50 economic documents worth above 4.5 billion euro oriented to attracting new German technologies and investments to Kazakhstan's economy.  

 "Pavlodar region effectively fulfills long-term and strategic tasks set by President Nursultan Nazarbayev," Deputy PM of Kazakhstan Krymbek Kusherbayev told summing up on Thursday the working trip results to Pavlodar region.

Governor of the region Yerlan Aryn reported on the region's socioeconomic development for the past 9 months highlighting achievements in realizing the state-run programs and outlining problems.

Besides, the meeting focused on construction of roads and housing, housing and public utilities and agrarian sector modernization issues.