Kazakh Economy Shows Positive Dynamics with GDP Growth of 3.4 Percent

NUR-SULTAN – The Kazakh economy showed positive dynamics with a GDP growth of 3.4 percent, reported Prime Minister Askar Mamin at the Oct.12 meeting.

According to Mamin, the anti-crisis measures adopted contributed to the economic recovery. The growth of production in the real sector has become key in economic acceleration. 

It is reported that production in the manufacturing industry increased by 5.7 percent, mechanical engineering by 22.8 percent, and pharmaceuticals by 38.1 percent. The growth rate reached 2.9 percent in the service sector due to the ease of lockdown restrictions. 

Trade grew by 9.3 percent and construction by 9.7 percent. In nine months of 2021, 10.4 million square meters of housing were commissioned nationwide, which is 8 percent more compared to the same period last year.

A strengthening of the trade balance is observed due to accelerated export growth and investment activity in non-extractive industries. Shymkent, Almaty, the Aktobe region and the North Kazakhstan region showed an increase in investment activities. 

In January-September, the growth rate of investments in fixed assets, excluding the mining industry, reached 15.1 percent.

Foreign trade turnover reached $62.8 billion and export amounted to $37.5 billion in January-August. The export of processed goods increased by 23.2 percent and reached $12.1 billion. The positive trade balance increased by $1.7 billion compared to the previous month and amounted to $12.1 billion.

The Almaty, Akmola, Zhambyl, Kostanai regions and Shymkent demonstrated positive dynamics in all major macro indicators in January-September. The west Kazakhstan region achieved the lowest indicators. 

The Prime Minister set forward an agenda to increase growth rates, diversify the economy, attract investment and create jobs. Providing support for non-resource exports and entrepreneurship as well as the vaccination campaign coverage are also priority tasks.    

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