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According to results of 5 months of 2020, production of goods increased by 4.8% — Ministry of National Economy

Tuesday, 09 June 2020, 10:04:13

At a government session chaired by Prime Minister Askar Mamin, Minister of National Economy Ruslan Dalenov reported on the results of the country's socio-economic development in January-May 2020.

According to current data, GDP decreased by 1.7%. The production of goods grew by 4.8%. At the same time, production of services decreased by 6.2%. Annual inflation was 6.7%. This is below the level of last month.

Dalenov named the positive trends that were observed in the reporting period.

“Continued growth was recorded in the manufacturing sector. The service sector has seen a dynamic recovery since May 2020. Also, high growth shows the balance of trade. In the manufacturing sector, there is an increase in construction by 5.9%, mining — by 5.2%, manufacturing — by 4.9% and agriculture — by 2.2%,” the minister said.

Also, according to him, in the services sector there is still a decrease in volumes: in transport by 14.1%, in trade — by 12.3%, in real estate operations — by 4.8%, in administrative services — by 3.8%. At the same time, communication services increased by 9.2% in January-May 2020.

Against the background of weakening restrictive quarantine measures, since May 2020, certain sectors of the service sector are recovering.

In particular, trade services increased by 28.3%, including retail trade by 34.2% and wholesale trade by 26.1%. Transport services grew by 20.7%, including passenger traffic — by 41.5% and freight traffic — by 5.7%. Food services increased by 10.8%. Thus, in May, the service sector recorded a dynamic recovery in growth rates.

As noted by Dalenov, in order to further restore economic activity on May 20, 2020, the Comprehensive Plan for 2020 was adopted.

“The comprehensive plan covers specific applied measures. This is the creation of the Industrial Development Fund. It provides for lending to manufacturing enterprises at a preferential rate of 3%,” the minister informed.

To support SMEs, through the program of the National Bank and through Business Roadmap-2025, activities are expanding and lending procedures are being simplified. Also in the state program Business Roadmap-2025 there will be a new direction of Microcredit, providing for subsidizing microloans for business.

All these measures are aimed at minimizing the negative consequences of external shocks. Also, the Comprehensive Plan will allow solving operational issues in economic sectors, supporting domestic production and entrepreneurship. Thus, it will contribute to the restoration of economic activity.

In general, the implementation of the Comprehensive Plan for today is planned to amend 49 legislative acts.

In January-April 2020, foreign trade turnover amounted to $28.2 billion. Export amounted to $18.4 billion, imports — $9.8 billion. An increase in the positive trade balance by 4% was achieved compared with January-April 2019.

“Industrial production increased by 4.8%. Growth is noted in most regions. The largest increase was shown in Atyrau and Kostanay regions. The decline was recorded in four regions. These are Kyzylorda, Aktobe, Mangystau regions and the city of Shymkent,” Dalenov said.

Manufacturing output is growing. The growth was 4.9%. High growth rates are demonstrated by pharmaceuticals, mechanical engineering, the production of building materials and light industry.

For investments in fixed assets, 15 regions showed growth. Investment in the Turkistan region increased almost two times, in the Akmola region — more than three times. The decline was recorded in two regions. These are Kyzylorda and Atyrau regions. In general, the growth of investments in fixed assets amounted to 0.1%.

Construction increased by 5.9%. In 15 regions, positive growth is observed. The greatest growth in construction work is noted in Turkistan and Karaganda regions. The growth in construction is accompanied by an increase in the production of domestic building materials. Their output increased by 12.3%.

Also Dalenov reported on the development of the regions in 6 economic indicators — processing, agriculture, construction, housing, investment, inflation.

“In most regions, good dynamics are observed. For all 6 indicators, positive growth is noted in 4 regions. By 5 indicators — in 6 regions, by 4 indicators — in 4 regions. Mangystau region showed a good result in 2 indicators,” the minister said.

In conclusion, Dalenov noted that, taking into account the measures taken to finance and credit central and local executive bodies, it is necessary to concentrate on the following aspects.

  1. Ensuring timely and effective implementation of the Comprehensive Plan for Restoring Economic Growth for 2020.
  2. Implementation of projects under the Employment Roadmap program to ensure stability in the labor market.
  3. Ensuring the effective implementation of tools to support entrepreneurs in the framework of the state program Business Roadmap-2025, the Economy of Simple Things program and concessional lending to SMEs, etc.
  4. Application of new approaches to attracting investments within the framework of the updated pool of investment projects in the new economic reality.
  5. Creating conditions for the restoration of dynamic growth in the service sector.

“The implementation of the above measures will allow us to quickly restore economic activity,” the minister concluded.

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