In January-February 2021, real sector of Kazakhstan’s economy demonstrated sustainable growth dynamics

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-February 2021 were considered.

Minister of National Economy Aset Irgaliyev, Chair of the National Bank Erbolat Dossaev, Minister of Finance Yerulan Zhamaubayev reported on the state of the economy, banking sector, execution of the republican budget, local content in public procurement, Minister of Industry and Infrastructure Development Beibut Atamkulov and Ministry of Energy Nurlan Nogayev told about the development of industry and energy sectors, Minister of Agriculture Saparkhan Omarov spoke on the agro-industrial complex.

According to the forecasts of international rating agencies, the growth of the Kazakhstani economy by the end of 2021 is expected to be more than 3%.

For January-February 2021 the real sector of the economy demonstrates stable positive dynamics. The main drivers of economic development are the manufacturing industry (+6.1%), construction (+9.7%), incl. housing commissioning (+12.8%), as well as agriculture (+3.1%).

There is a gradual recovery in the service sector. High growth rates were achieved in the information and communications industry (+9.4%).

Stable growth is noted in food production (+3.1%), light industry (+3.5%), incl. production of clothing (+19.9%) and leather products (+16.6%), chemical industry (+14.1%), metallurgical production (+3.5%), including production of non-ferrous metals (+5.4% ), mechanical engineering (+21.2%), incl. the automotive industry (+ 19.6%), as well as pharmaceuticals (+9.2%). There are high rates of growth in coal production (+4.5%).

The growth of investments in fixed assets, excluding mining, amounted to 13.3%.

On March 4, 2021, a meeting of the OPEC + Monitoring Committee was held, at which separate conditions for Kazakhstan were agreed, providing for an increase in daily oil production by 20 thousand barrels. This will allow for a moderate increase in the rate of growth in the mining sector.

Almaty and Akmola regions ensured the growth of socio-economic development in terms of key indicators, Aktobe, East Kazakhstan, Karaganda, Kostanay regions and the city of Shymkent - in 5 indicators. Positive dynamics in 4 indicators was achieved in Zhambyl, Kyzylorda, Mangistau, Pavlodar, North Kazakhstan, Turkestan regions, as well as in the cities of Nur-Sultan and Almaty.

“In the context of a global decline in investment activity, there is high competition for attracting high-quality investments. It is necessary to ensure the effective implementation of the privatization plan with the active involvement of domestic and foreign investors,” Mamin said.

In the new conditions, to support business entities, measures of direct action will be implemented in three areas of stimulating business activity. This is providing access to financing, reducing the burden on business, expanding access to sales markets.

The head of government instructed the ministers and akims of the regions to intensify their work, take appropriate measures and clearly fulfill the goals and objectives.

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