Kazakhstan’s Economic Growth Reaches 3.8 Percent in 11 months
NUR-SULTAN – Kazakhstan’s economic growth reached 3.8 percent in 11 months, said Kazakh Prime Minister Askar Mamin at a government meeting on Tuesday giving hope that the country’s economy will rebound soon to pre-pandemic levels.
The government meeting on Tuesday focused on the country’s socio-economic development and the state budget in the first 11 months of 2021. Mamin said that Kazakhstan’s economy successfully adapted to the challenges caused by the pandemic and demonstrates a steady growth rate.
The Kazakh Minister of National Economy spoke about the economic performance saying that growth in the real sector was 2.9 percent and the service sector grew to 3.9 percent.
“Among the industries, the highest rates were in information and communication, trade, water supply, construction, power supply, and manufacturing industries. Domestic and foreign investments remain important drivers of economic growth. At the same time, non-extractive industries are also attractive for investments,” said Irgaliyev.
For 11 months of the current year, the growth rate of investment in fixed assets was 2.6 percent. Overall, investments almost doubled in the construction and processing industry and had a 40.5 increase in agriculture, 34.2 percent increase in trade, and 18.6 percent increase in real estate operations.
According to Irgaliyev, from January to October, foreign trade turnover was $82.2 billion, including exports of $49.1 billion. Exports of processed goods also increased by 24.4 percent to $15.5 billion, while imports made $33.1 billion, reaching a positive trade balance of $16 billion.
Speaking about the budget, Finance Minister Erlan Zhamaubayev said that over the last 11 months the country’s state budget received 10 trillion tenge (US$22.8 billion). The minister said that this exceeds their plan by 109 billion tenge (US$249.4 million).
The budget expenditures reached 13 trillion tenge (US$29.7 billion). But 66 billion tenge (US$151 million) of that amount was not used.