Tuesday, 21 September 2021 07:54 GMT

Kazakhstan's economy reached pre--pandemic level, PM says


(MENAFN- Trend News Agency ) BAKU, Azerbaijan, Sept.14

Trend:

The indicators of the economy of Kazakhstan have reached the pre-COVID-19 pandemic level and continue to demonstrate confident recovery dynamics, the country's Prime Minister Askar Mamin said at the government meeting, Trend reports on Sept.14.

In the first eight months of 2021, GDP growth amounted to 3 percent. The growth rates continue to accelerate in the processing industry by 5.8 percent, in trade - by 9.1 percent, communications - by 12.8 percent, as well as in construction - by 11.4 percent. Some 8.9 million m2 of housing were commissioned, which is 10.5 percent more than last year.

Growth in the processing industry is associated with an increase in the output of pharmaceutical products by 40.8 percent, in mechanical engineering - by 23.9 percent, oil refining - by 9.2 percent, leather goods - by 8.4 percent, food - by 4.8 percent and chemical products - by 2.2 percent. Given the restrictions on oil production in the framework of OPEC +, the growth rate in the mining sector remains limited (-1.4 percent).

The growth rate in the services sector continues to recover, and has so far reached 2.3 percent due to strong dynamics in trade (+ 9.1 percent) and communications (+ 12.8 percent). Investment in fixed capital grew by 18 percent, excluding mining. This became possible due to high rates of investment in fixed capital in construction (+ 150.1 percent), manufacturing (+ 81.7 percent), agriculture (+ 43.2 percent), trade (+ 39.9 percent), information and communication (+ 37 percent), real estate transactions (+ 16.2 percent) and transport services (+ 9 percent).

From January through August, Almaty, Zhambyl, Kostanay, Mangistau regions and Shymkent city have 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 city - by 6 indicators, East Kazakhstan, Turkestan regions and the city of Almaty - by 5 indicators, and the lowest indicators were achieved in the West Kazakhstan region.

The prime minister instructed the regional authorities to increase growth rates in those 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 governors of the country's regions were instructed to strengthen efforts to contain prices, and 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 President Kassym-Jomart Tokayev," Mamin said.

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