President informed of results of National Bank's activity in 2018

In crop production with an average yield of 16.1 centners per hectare threshed 26.7 million tonnes of cereals, including wheat - 19.8 million tonnes, rice - 563 thousand tonnes. Also, 2.9 million tonnes of potatoes, 3.9 million tonnes of vegetables, 3.2 million tonnes of oilseeds and 300 thousand tonnes of cotton were harvested. In the livestock sector, there was an increase in production of meat in slaughter weight by 4%, cow's milk by 4.4% and chicken eggs by 1.2%," Azat Sultanov said.

We see growth in this industry for the rest of the year due to the processing of cereals, oilseeds and sugar production. In order to prevent a slowdown in the growth of the industry next year, the volume of financing of spring field and harvesting work will be brought to 700 billion tenge, preferential leasing of agricultural machinery to 200 billion tenge. It is planned to introduce 1.9 million tonnes of mineral fertilisers and increase the share of elite seeds to 10.5%," Azat Sultanov added.

This year also achieved a record harvest of sugar beet, harvesting of which is at the stage of completion, which will contribute to the growth of gross agricultural output," Azat Sultanov said.

Annual inflation at the end of November was 8.4 per cent. Disinflation of food products has a restraining effect on inflation. However, its acceleration to 5.4% was recorded in the last month. The growth of prices for non-food products is slowing down to a lesser extent - 8%. The highest growth continues to demonstrate inflation of paid services - 13.3% - against the background of the ongoing programme ‘Tariff in exchange for investment’ and the rise in the cost of a number of market services," Timur Suleimenov said.

In November this year, amid a combination of factors, the tenge exchange rate weakened by 5% to 512.52 tenge per dollar. Against the background of global strengthening of the dollar, changes in the cost of commodities and aggravation of the geopolitical situation in the world, negative dynamics of emerging market currencies were observed everywhere. Also, amid the introduction of new sanctions against the financial sector of Russia accelerated weakening of the Russian ruble - the currency of one of the key trading partners of the country," Chairman of the National Bank said.

Further dynamics of the tenge will depend on the dynamics of the current account of the balance of payments, expectations of market participants, the situation on world markets and changes in the geopolitical situation. The National Bank will continue to adhere to the flexible exchange rate regime, which excludes the accumulation of imbalances," the head of the NB emphasised.

Pension assets of the UNPF continue to demonstrate positive dynamics. Since the beginning of the year, pension assets increased by 22.7% to 21.8 trillion tenge. Investment income since the beginning of the year totalled 2.8 trillion tenge. Pension contributions increased by 19% to 2.3 trln tenge against 2023. Early withdrawals totalled 495.6 billion tenge," Timur Suleimenov summarised.

The year-on-year decline in production levels was affected by major field overhauls in 2024. At Tengiz - due to the planned launch of the Future Expansion Project in May and August, a 50-day repair was carried out; at Kashagan, a repair was carried out to replace the slug catcher with a full shutdown for 21 days. In addition, the decrease in production was affected by unscheduled shutdowns at Karachaganak field and restrictions on gas reception by Orenburg GPP, CPC shutdowns for planned preventive maintenance, as well as repair work at the Second Generation Plant of Tengiz field due to internal steam leakage into the process flow from 26 October this year," the Minister said.

I would like to note that today there is a joint order of the Ministries of Energy, Finance and the National Security Committee, under which a ban on the export of petrol, diesel fuel and other certain types of petroleum products by road transport outside the country has been introduced. The indicator for jet fuel was about 0.68 million tonnes, with an increase of 21.4% compared to the same period last year, " Almassadam Satkaliyev said.

The main reasons for non-fulfilment of the plan are due to a decrease in the volume of imports from third countries for 10 months compared to the same period last year by 6.5%, or less by $2.3 billion; lower prices for major export metals, which in turn affected the reduction of advance payments on 602 major taxpayers by 267 billion tenge. The increase in VAT refunds totalled 981 billion tenge, up 2.5 times year-on-year. Nevertheless, non-performance on taxes is compensated by an increase in non-tax payments by 1 trillion tenge," Yerzhan Birzhanov emphasised.

• pensions and benefits - 5.2 trillion tenge;
• subventions to regions - KZT 4.8 trln;
• targeted contribution of the Compulsory Medical Insurance Fund - KZT 1.6 trln.

• on social sphere - 6.6 trillion tenge (51 per cent);
• housing and utilities - KZT 1.9 trln (14.6 per cent);
• transport and communications - KZT 1.2 trln (9.3%);
• agriculture - KZT 750bn (5.7%).

Fixed capital investment grew by 3.1 per cent. The largest investment growth is observed in non-resource industries. The volume of investments increased in education by 2.2 times, scientific and technical activities - by 42.1%, transport - by 27.2%, manufacturing industry - by 18%. The best indicators are noted in Karaganda, Pavlodar, Turkestan, Almaty regions and Zhetisu," Deputy Prime Minister said.

The manufacturing industry maintained positive growth rates. Manufacturing output accelerated to 5.3 per cent. Growth was recorded in 14 regions. The largest increase is noted in Kyzylorda, Mangystau, Turkestan, Karaganda regions. Growth in the manufacturing industry was mainly due to the growth of production in metallurgy by 7.2% and mechanical engineering by 6.9%. In addition, production in the chemical industry increased by 8.4%, pharmaceutical products by 21%, food products by 2.1%, metal products by 29.5% and furniture by 12.8%," the Minister of National Economy announced the data.

Construction shows a high growth rate of 10.3%. High indicators are provided due to the implementation of four large-scale initiatives of the Head of State on housing construction, construction of transport and social infrastructure, as well as modernisation of engineering networks. Positive dynamics was recorded in 18 regions, with the greatest growth in construction and installation work in Kyzylorda, Karaganda, Turkestan regions, as well as in Zhetisu. Decrease in construction is noted in Atyrau and Mangystau regions," Nurlan Baybazarov reported.

• to strengthen control over the utilisation of budget funds in construction, to complete the construction of rental housing and roads;
• ensure completion and commissioning of planned investment projects in the manufacturing industry by the end of this year;
• to strengthen control and utilisation of funds allocated for housing construction and support of machine building;
• administrators of budget programmes to ensure full utilisation of funds;
• ensure uninterrupted transport and sale of grain, including for export.

We have clear contours of further investment development. But attracting investment is only half of the task. An equally important part is quality support of projects, solving emerging problems and ensuring their successful implementation. I instruct the Ministries of Foreign Affairs and National Economy together with the interested state bodies to strengthen the work on support of investment projects. It is necessary to solve investors' problems manually on the ground. I also instruct Akimats to regularly consider problematic issues at regional Investment headquarters," Olzhas Bektenov emphasised.

Two electronic auctions were held this year, at which 15 sites were realised. The final size of the signature bonus was - 32.7 billion tenge, of which to date 9.1 billion tenge has been received by the budget. Investments in geological exploration totalled $82.5 million," Yerlan Akkenzhenov said.