Kazakhstan's economy recovering rapidly amid easing COVID-19 constraints

Kazakhstan Materials 12 October 2021 11:51 (UTC +04:00)
Kazakhstan's economy recovering rapidly amid easing COVID-19 constraints

BAKU, Azerbaijan, Oct. 12


The results of Kazakhstan’s socio-economic development and the execution of the state budget for the period from January through September 2021 were assessed at a government meeting chaired by Prime Minister Askar Mamin, Trend reports citing the government.

In the first 9 nine months of 2021, GDP growth was 3.4 percent. The economic recovery was achieved thanks to the timely adopted anti-crisis measures. The key driver of economic acceleration is stable production growth in the real sector.

Thus, the volume of production in the manufacturing industry increased by 5.7 percent. The sphere of mechanical engineering showed a growth of 22.8 percent, including automotive industry by 31.6 percent, production of locomotives and carriages - 50.5 percent, building materials - 10.1 percent, pharmaceuticals - 38.1 percent, plastic products - 31.4 percent, clothing production - 14 percent, furniture - 14.9 percent, finished metal products - 17.2 percent/

Moreover, steady recovery was observed in the service sector amid easing coronavirus-related quarantine. The growth rate in these areas reached 2.9 percent thanks to high dynamics in trade (an increase of 9.3 percent) and communications (a growth of 13 percent). The increase in the construction sector was 9.7 percent.

For the first 9 months of this year, 10.4 million square meters of housing were commissioned in the country, which is 8 percent more compared to the same period of last year. The active recovery of investment growth continued, amounting to 2 percent, excluding mining with an increase of 15.1 percent.