Kazakh National Bank positively assesses development dynamics in domestic real sector

Kazakhstan Materials 25 October 2021 16:38 (UTC +04:00)
Kazakh National Bank positively assesses development dynamics in domestic real sector

BAKU, Azerbaijan, Oct. 25


The dynamics of development of the real sector of Kazakhstan coincides with the expectations of the National Bank, Trend reports citing the bank's press service.

In the first nine months of 2021, GDP growth amounted to 3.4 percent, following the optimistic scenario of the National Bank. Economic recovery continued amid rising world prices in commodity markets and easing quarantine restrictions.

The manufacturing industry, trade, construction, information and communications, and the public sector demonstrated high growth rates. Moreover, for the first time since March 2020, there has been a positive growth rate in transport. According to the optimistic scenario, economic growth this year will amount to 3.7-4 percent.

Consumer activity continues to confidently recover against the background of an improvement in the epidemiological situation. After some slowdown from July through August 2021, retail turnover recovered its growth rates and in September 2021 amounted to 5.6 percent on annual basis.

In the structure of retail turnover, a more active dynamics of trade in food products was observed with a simultaneous growth in the turnover of non-food products. The dynamic recovery in domestic demand was supported by growth in nominal and real incomes.

For the first eight months of this year, the growth of nominal income amounted to 12.9 percent, and real growth - 4.9 percent. Strong demand has impacted the acceleration of imports of consumer goods, which in the mentioned period grew by 23.9 percent to $7.7 billion.