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Growth in construction, agriculture and manufacturing industry — Ruslan Dalenov reports on results of socio-economic development for 8 months of 2020

Wednesday, 09 September 2020, 10:13:23

Minister of National Economy Ruslan Dalenov, at a government session chaired by Prime Minister Askar Mamin, reported on the results of the country's socio-economic development in January-August 2020.

In the second half of August, work was resumed in a number of branches of the service sector. Positive growth continues in the real sector of the economy. These are construction, agriculture and manufacturing. There is an increase in the export of finished goods. Annual inflation has slowed to 7%.

The production of goods increased by 1.7%. At the same time, the production of services decreased by 6.1%. As a result, according to operational data, GDP fell by 3%.

In the manufacturing sector, there is an increase in construction by 6.5%, agriculture — by 4.9% and manufacturing — by 3.3%.

At the same time, in the sectors of the service sector, a decrease was recorded in transactions with real estate by 4.3%, administrative services — by 5.1%, trade — by 10.5% and transport — by 16.1%. In addition, communication services increased by 8.3%.

“The real sector of the economy demonstrates good indicators of competitiveness. So, in the reporting period, the automotive industry increased by 51.8%, pharmaceutical production — by 34.1%, finished metal products — by 18.8%, paper products — by 15.3% and light industry — by 11%,’’ said the minister.

Exports of finished products increased. In January-July this year, the export of cars increased 7 times, ferrosilicon — 6 times, sunflower oil — 1.7 times, titanium ingots — 20.5%. In the reporting period, exports were provided to 105 countries of the world.

Housing commissioning in the republic increased by 6.4%.

Recently, on Sep. 4, 2020, the international rating agency Standard and Poors confirmed the sovereign credit rating of Kazakhstan at the level of investment reliability. The forecast is “Stable”.

For 7 months of this year foreign trade turnover amounted to $48.7 billion. Exports amounted to $28.6 billion, imports — $20.1 billion. The trade surplus remains at $8.5 billion.

Industrial production increased by 0.4% due to the growth of the manufacturing industry by 3.3%. At the same time, the mining industry decreased by 1.5%.

In terms of industry, growth is noted in most regions. The largest increase was shown by Kostanay and North Kazakhstan regions, as well as Nur-Sultan.

The manufacturing industry grew by 3.3%. Pharmaceuticals, finished metal products, mechanical engineering, including the automotive industry, and light industry demonstrate high growth rates.

In terms of regions, high growth is noted in the Kostanay, Turkistan, North Kazakhstan regions.

Fixed capital attracted investments in the amount of 7 trillion tenge. 13 regions showed growth. Investments in Akmola, Turkistan regions and Shymkent increased by almost a third.

The construction sector is showing a steady pace. The volume of work performed increased by 6.5%. A high growth in construction work is noted in the Turkistan region and the city of Shymkent. 8.1 million m2 of housing were commissioned. This is 6.4% more than in the same period last year.

“The general situation in the regional context by 7 economic indicators is as follows. In two indicators (trade and transport), there is a decrease due to quarantine measures. According to 5 indicators, growth is noted in 7 regions. These are Akmola, Almaty, Zhambyl, Kostanay, Mangystau, Pavlodar and North Kazakhstan regions. In 7 regions, growth was recorded in only 4 indicators. This is the average level. In 3 regions, positive growth is observed only in 2-3 indicators. These are Atyrau, West Kazakhstan and Kyzylorda regions,” Dalenov informed.

Taking into account the measures taken to restore economic activity, central and local executive bodies need to focus on the following aspects.

  1. Comprehensive support for the business in the post-quarantine period.
  2. Ensuring the effective implementation of tools to support entrepreneurs in the framework of state programs.
  3. Full and effective development of funds that provide Kazakhstani maintenance and employment.
  4. Active attraction of investments and targeted work with investors.
  5. Creation of conditions for the production and export of processed goods.
  6. Strengthening monitoring of consumer prices and avoiding seasonal fluctuations through the use of mechanisms of the Stabilization Funds.
  7. Constant monitoring of the situation on regional labor markets and ensuring maximum employment in the implementation of state program projects.

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