Kazakhstan’s economy demonstrates confident recovery dynamics — Askar Mamin

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-July 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 prices for socially significant food products, Acting Minister of Industry and Infrastructure Development Kairbek Uskenbayev and Minister of Energy Nurlan Nogayev spoke on the development of industry and the energy sector, Acting Minister of Agriculture Yerbol Karashukeyev reported on agro-industrial complex.

The Head of Government noted that the economy of Kazakhstan for the fourth month in a row continues to demonstrate a confident recovery dynamics of growth. Following the results of seven months, GDP growth amounted to 2.7%.

The real sector of the economy remains the main driver of growth. The dynamics was provided by the growth of production in industry (+2.5%), construction (+11.1%), as well as stable growth rates in agriculture (+2.4%).

The growth in industry by 2.5% was provided by an increase in production in the manufacturing sector by 5.9%. The increase in production rates was influenced by the growth in pharmaceutical production (+38.9%), mechanical engineering (+22.7%), incl. in the automotive industry (+34.7%) and the production of locomotives and wagons (+37.7%), oil refining (+ 8%), light industry (+5.4%), food production (+3.9%) and chemical industry (+1.9%).

High growth rates are observed in the construction sector - by 11.1% and commissioning of housing — by 10.3% or 7.7 million square meters.

Despite the continuing restrictive measures, the growth rates in the services sector (+2%) continue to increase due to high dynamics in trade (+ 9.1%) and communications (+12.5%).

In agriculture, there is a stable growth rate of 2.4% due to a steady growth in livestock (+3.4%).

The growth of investments in fixed assets (IOC) amounted to 18.3% excluding mining. High PKI indicators were noted in construction (+129.6%), manufacturing (+82.9%), information and communications (+48%), agriculture (+45.5%), trade (+40%).

Following the results of 7 months of 2021, Almaty, Zhambyl, Mangystau regions and Shymkent city ensured the growth of socio-economic development in all 7 main macro indicators, Akmola, Aktobe, Karaganda, Kostanay, Kyzylorda, Pavlodar, North Kazakhstan, Turkistan regions and Nur-Sultan — in 6 indicators, Atyrau, East Kazakhstan regions and Almaty city — by 5 indicators. The lowest indicators were achieved in the West Kazakhstan region.

The Head of Government instructed akimats to strengthen and take special control measures to curb prices for socially significant food products, the Ministry of National Economy and interested government agencies — until the end of August 2021, adopt and start implementing a set of anti-inflationary response measures, as well as a new package of measures to contain prices for socially important goods.

“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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