12.May .2021 22:00

Kazakhstan's GDP Entered Positive Zone First Since March 2020

Kazakhstan's GDP Entered Positive Zone First Since March 2020
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Kazakhstan's GDP indicator entered a positive zone for the first time since March last year, amounting to 0.7%. Steady growth in the real sector in the current environment has become the main economic development driver.
 
"According to January-April 2021 results, the GDP growth rate entered the positive zone for the first time since March last year, amounting to 0.7%.

It is against the backdrop of a number of trends. The economy of Kazakhstan is moving to a recovering growth dynamics. The growth of the service sector entered the positive zone earlier than it was forecasted. Internal demand is recovering. Dynamic and steady growth in the manufacturing industries is traced, a significant increase in investments in fixed assets in the non-extractive sectors of the economy. In general, there are qualitative changes in the structure of economic growth," says Asset Irgaliyev, Minister of National Economy of Kazakhstan, Kazpravda.kz reports.
 
Steady growth in the real sector in the current environment has become the main economic development driver, the Minister says. “In the reporting period of this year, excluding the mining industry, growth in the real sector made 7.9%.”

"High growth continues in construction, information and communications, manufacturing, water supply, electricity, and agriculture. It should be noted that the manufacturing industry showed the highest growth in the last 10 years. The service sector is recovering. Against the background of trade growth by 5.7%, the service sector showed positive growth, "the minister continued.
 
He noted that in January-March, foreign trade turnover reached US$ 19.7 billion, including exports - US$ 11.5 billion. At the same time, the export of non-primary goods increased by 15% to US$ 4 billion. The positive trade balance exceeds US$ 3.3 billion.

"Stable growth rates are sustained by state support measures aimed at stimulating investment in agricultural processing, leasing of agricultural machinery, and implementation of investment projects to increase the self-sufficiency of the economy. The situation in trade and transport is improving, which indicates a rise in business activity in the regions," Irgaliyev concluded.