Pace of economic recovery in Kazakhstan accelerated to 3.5% in 10 months — Askar Mamin

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-October 2021 were considered.

Minister of National Economy Aset Irgaliyev, Chair of the National Bank Erbolat Dossaev, Minister of Finance Yerulan Zhamaubayev reported on the development of the economy, monetary policy, execution of the republican budget, local content in public procurement.

The Head of Government noted that the economy of Kazakhstan continues to maintain a steady growth rate. Following the results of ten months of this year, GDP growth was 3.5%.

The stable growth of production in the real sector continues. Thus, the volume of production in the manufacturing industry increased by 5.3%. Growth is noted in mechanical engineering by 19.5%, incl. automotive industry by 23.4%, production of locomotives and cars — 59%, building materials — 9.3%, pharmaceuticals — 33.6%, plastic products — 36.5%, clothing — 11.4%, furniture — 11.8%, finished metal products — 16.4%.

Thanks to gradual quarantine reliefs, there is a recovery in business activity in the services sector with growth to 3.4% due to high dynamics in communication services (+12.9%) and trade (+9.5%).

The construction industry grew by 7.6%. For 10 months, 11.6 million square meters of housing were commissioned in the country, which is 7.9% more compared to the same period last year.

The gradual recovery of investment growth continued, reaching 2.5%, and excluding mining — at the level of 14%.

High growth rates of investments in fixed assets were noted in construction (+120.6%), manufacturing (+78.6%), agriculture (+41.9%), trade (+31.4%), real estate transactions (+17.4%), financial activities (+12.1%).

According to the results of January-October of this year, Almaty and Zhambyl regions, the cities of Nur-Sultan and Shymkent ensured the growth of socio-economic development in all 7 main macro-indicators, Akmola, Aktobe, Atyrau, East Kazakhstan, Kostanay, Mangystau, Pavlodar, Turkistan regions and Almaty — in 6 indicators, Kyzylorda and North Kazakhstan regions — in 5 indicators.

The lowest rates were achieved in the Karaganda and West Kazakhstan regions.

The Head of Government instructed to continue work to curb the rise in food prices, to provide support for domestic production, attract investment, promote exports, maintain employment and create permanent jobs.

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