Economic Results 2020

At the Government meeting Minister of National Economy Ruslan Dalenov reported on the results of the country's socio-economic development for 2020.

As Ruslan Dalenov noted, large-scale measures the economy support, investment activity in non-extractive sectors, growth in the real sector and a positive trade balance as well as an increase in lending to the economy were the main factors of economic development in 2020.

“The results of 2020 lay a solid foundation for economic growth this year,” the minister said.

According to him, in 2020 the real sector growth became an economic driver, amounting to 2.0%. For the service sector, the year ended with -5.6%, although in recent months the dynamics began to recover. As a result, the GDP growth rate was -2.6%.

Almost all branches of the real sector and certain types of services demonstrate positive growth rates. These are construction (11.2% growth), information and communications (8.6%), agriculture (5.6%), manufacturing (3.9%), education (2.3%).

According to the Ministry of National Economy, there has been a qualitative change in the economy structure.

In 2020, the share of processing in the total volume of industry increased by 9.4 p.p., from 39.4% in 2019 to 48.8% in 2020.

The outstripping growth of the manufacturing industry was observed. The processing growth rate accelerated to 3.9%.

At the same time, the mining industry decreased by 3.7% due to the reduction in oil under the OPEC +  agreement.

According to Dalenov, as a result, the overall index of the industry physical volume amounted to 99.3%.

There has been double-digit growth in light industry, automotive and finished metal products. Exports of processed goods increased.

“For 11 months of 2020, foreign trade turnover amounted to 77.7 billion dollars, including exports - 43.4 billion dollars. Kazakhstan's exports are carried out to 117 countries of the world. There have been exported 3,183 types of finished, processed goods.  Imports amounted to $ 34.4 billion. Thus, a positive trade balance at the level of $ 9 billion was ensured, ” the Minister of National Economy said.

It is noted that the share of Kazakhstani goods in total consumption increased by 4.7 percentage points.

There is an increase of 6 pp. share of e-commerce and 2 times the volume of non-cash payments.

Ruslan Dalenov also reported on the indicators of the country's socio-economic development for 2020.

“In 2020, a record volume of housing was commissioned - 15.3 million square meters. This is 16.8% higher than the level of 2019, " he said.

15 regions showed positive growth. The largest increase is noted in Nur-Sultan - 1.7 times.

Earlier at the plenary session of the Senate, the head of the Ministry presented amendments to the draft law on the economic growth restoration.

According to the Ministry the proposed amendments provide for additions to 85 legislative acts, including 14 codes and 71 laws in 9 directions: investment attraction, entrepreneurship and the real sector development, sustainable financial market, digitalization, project management, monetary, social and trade policy.