BAKU, Azerbaijan, Feb. 16
By Nargiz Sadikhova - Trend:
The deterioration of the epidemiological situation around the world led to oil prices remaining below $48 per barrel in November 2020 and as a result, the output of the Kazakhstan’s mining industry for 2020 is estimated to decline by 4 percent, the ‘Study of the COVID-19 Impact on the Economy of Kazakhstan’ reports of Asian Development Bank (ADB) said, Trend reports citing the ADB.
In contrast to these sectors, significant growth for 2020 is estimated in the construction sector. The volume of construction work in the country is expected to grow annually by 6 percent. This annual growth rate is lower than in 2019 when the production value index (PVI) of construction was 113.2 percent over 2018.
“The slowdown in the growth rate of the volume of construction work without an actual decline is because this sector was not directly or significantly affected by COVID-19 quarantine measures. People in the sector were required to practice social distancing and follow sanitary standards, but there was no complete prohibition of construction work. Moreover, the sector was supported by an increase in investment in housing construction,” the report said.
The ADB added that the COVID-19 pandemic has not greatly affected the agriculture, forestry, and fisheries sectors.
“Thus, the gross output of products (services) in agriculture, forestry and fisheries from January–October 2020 amounted to 5.3 trillion tenge ($126.7 billion), exceeding the output of the corresponding period of the previous year by 5.2 percent. The sector was also supported by investments. According to the Bureau of National Statistics, in January through October 2020, investments in fixed assets in agriculture, forestry, and fisheries amounted to 412.5 billion tenge ($979.8 million), an increase of 7.5 percent compared to the previous year,” the report said.
As a result, the ADB said, the annual growth in the output of agriculture, forestry, and fisheries for 2020 is forecasted to be slightly lower than the indicators for January through October, amounting to 3.7 percent. This is because of the negative contribution of seasonal decline in output in the fourth quarter.
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