Investments in manufacturing industry grew by 83% — Aset Irgaliyev

As reported at the government session chaired by Prime Minister Askar Mamin, by the Minister of National Economy Aset Irgaliyev, in the first half of the year the economy of Kazakhstan continued to recover at an accelerated pace and showed an increase of 2.7%.

“In the reporting period, within the framework of the main trends, there is a dynamic and steady growth in the real sector, acceleration of dynamics in the service sector, high growth in investments in non-extractive sectors, and maintaining a positive balance of trade. The real sector remains a factor in the sustainability of economic development. In January-July 2021, growth in the real sector accelerated to 3.6%. Business activity in the service sector increased up to 2.0%,” Irgaliyev said.

Thus, among the industries, information and communications, construction, trade, water supply, manufacturing, and power supply demonstrate high growth. There has also been good growth in agriculture.

As the minister noted, attraction of domestic and foreign investments is an important factor of economic growth. In particular, there is activity in attracting investment in non-extractive industries. In this regard, for the reporting period, the growth rate of investments in fixed assets, excluding the mining industry, amounted to 18.3%. Investments in construction increased by 2.3 times, manufacturing industry — by 83%, information and communications — by 48%, agriculture — by 46%, trade — by 40%, real estate transactions — by 16% and transport — by 8.3%. In the regional context, the best indicators are noted in the Turkistan and North Kazakhstan regions, as well as in the cities of Shymkent and Almaty.

In January-June 2021, foreign trade turnover amounted to $45.3 billion, including the export indicator amounted to $27 billion. At the same time, the export of processed goods increased by 25% to $8.9 billion. Imports of goods amounted to $18.3 billion. $8.7 billion.

“The manufacturing industry maintains a steady growth trend. The production volume increased by 5.9%. 14 regions showed positive growth. The largest increase is noted in Almaty, Almaty and Kostanay regions,” the Minister of National Economy said.

In the context of manufacturing industries, a dynamic growth in the production of pharmaceutical products by 39%, mechanical engineering products — by 22.7%, including the automotive industry — by 34.7%, the production of cars and locomotives — by 37.7%, building materials — by 13.2%, plastic products — by 24.7%, finished metal products - by 20.4%, clothes — by 18.7% and furniture — by 17.6% was ensured.

The construction sector also demonstrates high rates. For 7 months of this year the volume of completed construction work increased by 11.1%. The positive growth of the indicator was recorded in all regions. The greatest growth in construction and installation work is noted in the Turkistan and Mangystau regions, as well as in the city of Almaty.

Housing commissioning also demonstrates positive dynamics. For January-July of this year commissioned 7.7 million sq. m of housing. The growth of the indicator was 10.3%. In the reporting period, all regions showed positive growth. The largest increase is noted in Atyrau, Zhambyl and East Kazakhstan regions.

In agriculture, the growth was 2.4%. Positive dynamics is observed in 13 regions. The greatest growth was shown by Akmola, Zhambyl and Pavlodar regions.

In general, the situation in the regional context for 7 economic indicators is as follows:

  • for all 7 indicators, positive growth is noted in 4 regions — Almaty, Zhambyl and Mangystau regions, as well as in Shymkent;
  • 6 indicators show growth in 9 regions — Akmola, Aktobe, Karaganda, Kostanay, Kyzylorda, Pavlodar, North Kazakhstan and Turkistan regions, as well as Nur-Sultan;
  • growth in 5 indicators was recorded in 3 regions;
  • in the West Kazakhstan region, growth was noted in 3 indicators.

Local executive bodies are encouraged to focus on the following measures.

  • Active attraction of investments, targeted work with investors, increasing the economic efficiency of each investment project.
  • Effective implementation of state support tools for SMEs, active use of digital solutions and scaling of the Ashyq project.
  • Ensuring timely harvest and efficient construction season.
  • Providing permanent and temporary employment within the framework of the Enbek and Employment Roadmap programs.
  • Regular monitoring and taking measures to curb excessive growth in food prices.

In conclusion, Aset Irgaliyev added that the implementation of the above measures will allow maintaining the country's macroeconomic stability.

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