Kazakhstan reveals GDP growth in 10M2021

Kazakhstan Materials 6 December 2021 16:21 (UTC +04:00)
Kazakhstan reveals GDP growth in 10M2021

BAKU, Azerbaijan, Dec. 6


GDP growth in Kazakhstan from January through October 2021 amounted to 3.5 percent at an oil price of USD 69.3 per barrel for the same period, Trend reports with reference to the National Bank.

According to the information, the dynamics of economic activity in Kazakhstan is shaping up according to the optimistic scenario of the previous forecast round, recovering at a rapid pace. This is taking place against the backdrop of high world prices on commodity markets and the easing of quarantine restrictions.

It is noted that mining and manufacturing, trade, construction, information and communications, transport, and the public sector made positive contributions. Agriculture has a restraining effect on economic growth, which showed a decline in production in the 10 months of 2021. The main reason for these dynamics was the decline in the gross harvest of grain crops.

In addition, economic activity is supported by the recovery in real household demand. In the second quarter of 2021, household consumption increased by 8.1 percent amid the realization of deferred demand for non-food goods and services.

An additional factor in this growth in population demand is the effect of the statistical base of the second quarter of 2020 when demand was limited by strict quarantine measures, and the drop was about 16 percent.

Also, an indicator of the continuing positive dynamics of demand is the current expansion of retail turnover (by 6.1 percent in 10 months of 2021) and an increase in real incomes of the population (by 5.8 percent in the third quarter of 2021).

At the same time, a full recovery in demand continues to limit periodic surges in the spread of COVID-19, as was observed in late July and early September 2021.