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According to results for 7 months of 2020, production of goods increased by 2.1% — Ministry of National Economy 

Tuesday, 11 August 2020, 09:33:38

At the government session chaired by the Prime Minister Askar Mamin, Minister of National Economy Ruslan Dalenov reported on results of socio-economic development of Kazakhstan for January-July 2020. 

As Dalenov noted, in January-July 2020, the production of goods increased by 2.1%, while the production of services decreased by 6.2%. As a result, according to operational data, GDP fell by 2.9%. Annual inflation was 7.1%. This is below the expected inflation corridor (8-8.5%). 

According to the minister, the following positive trends were observed in the reporting period. 

“Growth continues in the real sector of the economy. First of all, in construction, manufacturing, agriculture. The positive trade balance is preserved against the background of import decrease,” Dalenov said. 

At the same time, there is a decrease in the volume of services due to quarantine restrictions, as well as a planned decrease in the rate of oil production, which has become a constraining factor in economic growth. 

In the manufacturing sector, there is an increase of 2.1%, including in construction — by 6.3%, manufacturing — by 3.8%, agriculture — by 2.5%. 

Meanwhile, in the service sector, there is a decrease in transactions with real estate by 4.3%, administrative services — by 5.3%, trade — by 11.9% and transport — by 15.6%. At the same time, communication services increased by 8.7%. 

At the same time, in July compared to June 2020, growth continued in a number of service industries. 

“Thus, over the month, financial and insurance activities increased by 29%, accommodation and catering services — by 10.2%, data transmission — by 6.7%, mobile communications — by 4.1%, Internet — by 2.9%. Cargo turnover also increased by 5.6%, including railway transport — by 5.5%, transportation by pipelines — by 2.9%,” the minister said. 

In January-June 2020, the foreign trade turnover amounted to $42.5 billion. Exports amounted to $26 billion, imports — $16.5 billion. The trade surplus remains at the level of $9.5 billion. 

Industrial production increased by 1.3%. including the manufacturing industry — by 3.8%. At the same time, the mining industry decreased by 0.4% as a result of the planned decrease in the rate of oil production. 

In terms of industry, growth is noted in most regions. The largest increase was shown by the North Kazakhstan and Kostanay regions, as well as the city of Nur-Sultan. The manufacturing industry is growing at a faster pace. The growth was 3.8%. High growth rates are demonstrated by pharmaceuticals, production of finished metal products, mechanical engineering, including the automotive industry, and light industry. In the context of regions, high growth is noted in Kostanay, Turkistan, North Kazakhstan regions. 

As Dalenov noted, during the reporting period, investments in the amount of 6.1 trillion tenge were attracted to fixed capital. 13 regions showed growth. The largest increase is noted in Akmola, North Kazakhstan, Turkistan regions and Shymkent. 

Construction increased by 6.3%. A high growth in construction work is noted in Shymkent and the Turkistan region. 7 million squared meters of housing were commissioned. This is 7.5% more than in the same period last year. 

As Dalenov noted, the general situation in the regional context by 7 economic indicators is as follows. 

In two indicators (trade and transport), there is a decrease due to quarantine measures. According to 5 indicators, growth is noted in 7 regions. These are Akmola, Almaty, East Kazakhstan, Zhambyl, Kostanay, Mangystau and North Kazakhstan regions. In 7 regions, growth was recorded only in 4 indicators. This is the average level. In 3 regions, growth is observed only in 3 indicators. These are Atyrau, West Kazakhstan and Kyzylorda regions. 

It was noted that, taking into account the measures taken to restore economic activity, central and local executive bodies need to focus on the following aspects. 

  1. Ensuring the timely and effective implementation of the Comprehensive Growth Recovery Plan for 2020. 
  2. Consideration of problematic issues of entrepreneurs at regional anti-crisis headquarters for the provision of possible support measures. 
  3. Ensuring timely harvest and efficient construction season. 
  4. Preventing price increases for socially significant foodstuffs through monitoring, interventions, setting threshold and ceiling prices. 
  5. Constant monitoring of the situation on regional labor markets and ensuring maximum employment in the implementation of projects of state programs.

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