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Kazakhstan’s economy reaches pre-pandemic levels — Askar Mamin

Tuesday, 14 September 2021, 09:53:13

At the government session chaired by Prime Minister Askar Mamin, the results of the country's socio-economic development and the execution of the republican budget for January-August 2021 were considered.

Minister of National Economy Aset Irgaliyev, Chair of the National Bank Erbolat Dossaev, Minister of Finance Yerulan Zhamaubayev reported on the development of the economy, monetary policy, execution of the republican budget, local content in public procurement, Minister of Trade and Integration Bakhyt Sultanov reported on the situation with prices for socially significant food products, Minister of Industry and Infrastructure Development Beibut Atamkulov and Minister of Energy Magzum Mirzagaliyevspoke — about the development of industry and energy sector, Minister of Agriculture Yerbol Karashukeyev — about the country’s agro-industrial complex.

The Head of Government noted that the indicators of the economy of Kazakhstan have reached the pre-pandemic level and continue to demonstrate a confident recovery dynamics. Following the results of eight months of this year, GDP growth was 3%.

The growth rates continue to increase in manufacturing by 5.8%, in trade by 9.1%, communications by 12.8%, and in construction by 11.4%. For 8 months of this year, 8.9 million square meters of housing were built in the country, which is 10.5% more than last year.

Growth in the manufacturing industry is associated with an increase in the production of pharmaceutical products by 40.8%, in mechanical engineering by 23.9%, oil refining by 9.2%, leather goods by 8.4%, food by 4.8% and chemical products. by 2.2%.

Taking into account the restrictions on oil production under OPEC+, the growth rate in the mining sector remains limited (-1.4%).

Growth rates in the services sector continue to recover and have so far reached 2.3% due to strong dynamics in trade (+9.1%) and communications (+12.8%).

The growth of investments in fixed assets amounted to 18%, excluding mining. This became possible due to high rates of investment in fixed assets in construction (+150.1%), manufacturing (+81.7%), agriculture (+43.2%), trade (+39.9%), information and communications (+37.0%), real estate transactions (+16.2%) and transport services (+9.0%).

According to the results of January-August of this year, Almaty, Zhambyl, Kostanay, Mangystau regions and Shymkent city ensured the growth of socio-economic development in all 7 main macro-indicators, Akmola, Aktobe, Atyrau, Karaganda, Kyzylorda, Pavlodar, North Kazakhstan regions and Nur-Sultan — in 6 indicators, East Kazakhstan, Turkistan regions and the city of Almaty — in 5 indicators. The lowest indicators were achieved in the West Kazakhstan region.

The Head of Government instructed the akimats to increase the growth rates in the sectors of the economy, where there is a decrease and slowdown in indicators, to continue work on further diversifying the economy, attracting investment and creating jobs.

The heads of state bodies and akims were instructed to strengthen work to contain prices, the Ministry of Trade and Integration was instructed to clearly coordinate the implementation of the Anti-inflationary Response Package.

“All regions need to ensure the achievement of the planned indicators of socio-economic development and the effective implementation of the tasks set by the Head of State Kassym-Jomart Tokayev,” Mamin said.


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