Economy: government reports
12.08.2020
Kazakhstan’s gross domestic product has contracted by 2.9 per cent, National Economy Minister Ruslan Dalenov told a government session. While addressing the government session, Dalenov said that in the first half-year of 2020 goods production has risen by 2.1 percent, while service production has declined by 6.2 per cent in Kazakhstan. According to him the annual inflation has equaled 7.1%. Kazakhstan’s foreign trade turnover has totaled 42.5 billion dollars in the first half-year of 2020, including exports worth US26bn and imports worth US16.5bn, resulting in a trade surplus of US9.5bn. The minister also outlined the reductions in some sectors, including a
4.3% fall in operations involving real estate, a 5.3% decrease in
administrative services, a 11.9% drop in trade, and a 15.6% decline in
the transport sector. Other figures include a 2.1% increase in the production sector, a 6.3% rise in construction, a 3.8% growth in the manufacturing industry, and a 2.5% increase in agriculture. The positive dynamics of growth in the basic sectors of the economy was noted by the Prime Minister of the Republic of Kazakhstan Askar Mamin. 'In the current difficult conditions in the basic sectors of the economy, following the results of seven months, a positive growth trend remains. In the manufacturing industry, growth was provided by 3.8%, of which in mechanical engineering - by 13.9%, food production - by 4.1%, pharmaceuticals - by 23.2%, light industry - by 7.3%, paper production - by 15.7%, chemical industry - by 3.6% and production of finished metal products - by 18.6%. Construction volumes increased by 6.3%, housing commissioning - by 7.5%, or about 7.0 million square meters. m. In agriculture, a steady growth of 2.5% is ensured' - the Prime Minister said. The chairman of the National Bank Yerbolat Dossayev predicts an acceleration in annual inflation. 'In the coming months, further acceleration of annual inflation is expected within the predicted path of 8-8.5% until the end of 2020' - Dossayev said. He also noted the decline in business activity in the country due to the pandemic: 'In Kazakhstan, the business activity index after recovering to 46.8 points in June this year decreased to 44.7 points in July this year against the background of the imposed quarantine restrictions, which is associated with a decrease in activity in the service sector by 3.2 percentage points - to 43,1'.
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