BAKU, Azerbaijan, June 8. The state budget of Kazakhstan in 2021 was implemented under the negative influence of the coronavirus pandemic, Finance Minister Yerulan Zhamaubayev said at the plenary meeting of the Mazhilis [lower house of the parliament], Trend reports via Kazakh media.
“However, compared to 2020, there was a recovery in business activity. Last year, GDP growth amounted to four percent,” Zhamaubayev said.
According to the minister, the main factors for the recovery of business activity were accelerated growth in the service sector, strengthened trade balance due to high export growth rates, and high investment activity in non-extractive industries.
He noted that a positive result has been achieved in all basic sectors of the economy. The volume of industrial production grew by 3.8 percent, the construction industry - by 7.6 percent, transport and trade - by 3.6 percent and 9.2 percent, respectively.
“Against the backdrop of the recovery of demand which lowered since the pandemic and the disruption of production and supply chains, prices for goods and services grew everywhere,” Zhamaubayev added.
According to the announced data, in 2021, the inflation rate was 8.4 percent (exceeding the target corridor of four-six percent).