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Lending to economy of Kazakhstan increased by 3.5% compared to early 2020 — Ministry of National Economy

Tuesday, 10 November 2020, 11:17:16

At the government session chaired by the Prime Minister Askar Mamin, results of the socio-economic development of the country and the execution of the Republican budget for January-October 2020 were considered. Minister of National Economy Ruslan Dalenov reported on the state of the economy and the current situation in the country.

According to the minister, today there is still uncertainty in the global economy and trade. According to the updated forecasts of international financial organizations for 2020, the decrease in the growth rates of the world economy is estimated from minus 4.4% to minus 7.6%, world trade — from minus 7% to minus 10.6%.

There was a 2-fold decline in global foreign direct investment in the first half of this year. Re-introduced restrictive measures in selected countries.

“Following the results of 10 months in 2020, investments in non-extractive sectors have increased, growth in the real sector remains, the services sector has stabilized and lending to the economy is increasing. For 10 months of this year production of goods increased by 1.9%. At the same time, the production of services decreased by 6.1%. As a result, according to operational data, the GDP fell by 2.9%. Annual inflation amounted to 7.1%,” Dalenov said.

Almost all branches of the real sector and certain types of services are showing positive growth rates. These are construction, information and communications, agriculture, manufacturing.

At the same time, there is a decrease in transport and trade, scientific and technical activities, operations with real estate, and administrative services.

At the end of 10 months, the basic factors were investments in non-extractive sectors, lending to the economy, growth of the real sector and stabilization of the decline in the service sector.

So, for 10 months, investments excluding the mining industry increased by 14.7%.

“A significant amount of investment was attracted in housing construction 1 472 billion tenge with an increase of 30%, transport — 959 billion tenge with an increase of 8%, manufacturing industry — 661 billion tenge with an increase of 11%, including food products — 75 billion tenge with an increase of 20%, agriculture — 413 billion tenge with an increase of 8%,’’ the minister informed.

Lending to the economy increased by 3.5% compared to the beginning of the year. The largest growth in loans is observed in communications, agriculture, industry and construction.

At the same time, lending to small businesses increased by 5.9%, which is higher than the growth of consumer loans and lending to the economy as a whole.

There was an acceleration of growth in the manufacturing industries. Pharmaceuticals accelerated to 40%, light industry — up to 16%, mechanical engineering — up to 17%, automotive — up to 54%.

“For 9 months of this year. foreign trade turnover amounted to $62.8 billion. Exports amounted to $35.3 billion, imports — $27.5 billion. Thus, the trade surplus was maintained at the level of $7.8 billion," Dalenov informed.

Growth in the manufacturing industry remains at the level of 3.2%. At the same time, the mining industry decreased by 3.1%. As a result, the overall industrial volume index was 99.4%. Most regions are experiencing industrial growth.

The largest increase was shown by Kostanay, Akmola, North Kazakhstan, West Kazakhstan regions.

The manufacturing industry grew by 3.2%. In terms of regions, the highest growth is noted in Kostanay, Turkistan, Akmola, North Kazakhstan regions.

Investments in fixed assets in the amount of 9.4 trillion tenge were attracted. Investment growth is observed in 13 regions. Of these, the best indicators are observed in the Turkistan region and the city of Shymkent.

The construction sector is showing dynamic growth. The volume of work performed increased by 10.7%. Active construction works are noted in the Turkistan region and Shymkent.

About 10.7 million sq. m of housing have been commissioned. This is 9.7% more than in the same period last year.

The general situation in the regional context by 7 economic indicators is as follows.

According to 5 indicators, growth is noted in 9 regions. These are Akmola, Almaty, Zhambyl, Kostanay, Mangystau, Pavlodar, North Kazakhstan and Turkistan regions, as well as the city of Shymkent.

Also in 6 regions, growth was recorded in 3-4 indicators. This is the middle level.

Given the measures taken to restore business activity, it is necessary to focus on the following aspects.

  1. Maximizing the ease of procedures and conditions for doing business, especially in industries affected by restrictive measures.
  2. Prompt response of regional headquarters under akimats to business requests to support business activity.
  3. Increasing the use of measures of state support for business in lending to STB economy.
  4. Proactive and goal-directed work to attract high-quality investments by local executive bodies.
  5. Strengthening monitoring of jobs created within the framework of Employment Roadmap and increasing the share of permanent employment.
  6. Special control over prices for consumer goods and avoidance of seasonal fluctuations through the use of mechanisms of the Stabilization Funds.

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