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Kazakhstan's economy contracts in 1H2020

Business Materials 10 July 2020 14:06
Kazakhstan's economy contracts in 1H2020

BAKU, Azerbaijan, Jul. 10

By Nargiz Sadikhova - Trend:

Kazakhstan’s GDP decreased by 1.8 percent in 1H2020, Kazakhstan’s President Kassym Jomart Tokayev said, Trend reports with reference to the press office of the president.

Tokaev made the statement at an extended meeting of the Government in video conferencing held Jul. 10, 2020.

“Today we will consider the government measures that are being taken amid the coronavirus spread. The results of the socio-economic development of Kazakhstan will be summed up for 1H2020. Kazakhstan’s national economy has been developing in difficult conditions since the beginning of 2020. The country's economy declined by 1.8 percent in 1H2020. The services sector is showing seriously declining indicators, i.e. by 5.6 percent,” Tokayev said during the meeting.

Kazakhstan’s Prime Minister Askar Mamin said on Jun. 22 that Kazakhstan’s GDP has decreased by 1.7 percent over the course of first five months of 2020.

He noted that the highest economy growth of Kazakhstan in last six years was recorded in 2019 when Kazakh GDP increased by 4.5 percent. At the same time, 85 percent of the overall economy growth accounted for development of non-commodity economy sectors.

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