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Kazakhstan's GDP grows 5% in 1st half of 2013

July 23, 2013, 10:03 UTC+3
An increase in the consumer demand was an important factor of economic growth, as retail trade has grown 12.3%
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ASTANA, July 23 (Itar-Tass) - Kazakhstan's GDP grew 5.1% in January through June 2013, compared with the same period last year, the republic's Economics and Budget Planning Minister Yerbolat Dosayev told a Cabinet meeting on Tuesday.

"Despite uncertainties in the world economy and foreign markets, the Kazakh economy is showing stability. According to preliminary estimates, the country's GDP increased by 5.1% in the first half," Dosayev noted, "an increase in the consumer demand was an important factor of economic growth, as retail trade has grown 12.3% since the beginning of this year, transport services have increased by 7% and communications services by 14.6%."

Inflation was pacing at 0.3 percent in June. It has reached 2.7% since the beginning of this year, while the annual inflation rate was 5.9%.

Due to a decrease in external demand in January through May 2013, the country's foreign trade fell 4.5%. At the same time, "mutual trade with the Customs Union countries increased by 1.8% in the first five months of this year to $9.4 billion, compared with the same period last year," Dosayev said.

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