Minister of National Economy Ruslan Dalenov spoke about the results of the country's socio-economic development in January-July 2020. “The production of goods increased by 2.1%, while the production of services decreased by 6.2%. As a result, according to operational data, GDP fell by 2.9%. Annual inflation amounted to 7.1%. This is below the expected inflation corridor of 8-8.5%,” the minister said at a government meeting.
Growth continues in the real sector of the economy. First of all, in construction, manufacturing, agriculture. The trade balance remains positive amid falling imports. There is a decrease in the volume of services due to quarantine restrictions, as well as a planned decrease in the rate of oil production, which has become a constraining factor in economic growth.
“The manufacturing sector shows an increase by 2.1%, including construction by 6.3%, manufacturing by 3.8%, agriculture by 2.5%. In the service sectors, there is a decrease in transactions with real estate by 4.3%, in administrative services by 5.3%, trade by 11.9% and transport by 15.6%. Communication services increased by 8.7%,” the speaker emphasised.
In July, compared with June of this year, indicators continue to grow in a number of service sectors.
“Over the month, financial and insurance activities increased by 29%, accommodation and catering services by 10.2%, data transmission by 6.7%, mobile communications by 4.1%, Internet by 2.9%. Cargo turnover also increased by 5.6%, including rail transport by 5.5%, transportation by pipelines by 2.9%,” he said.
In January-June of this year, foreign trade turnover amounted to $42.5 billion. Exports amounted to $26 billion, imports to $16.5 billion. The trade surplus remains at $9.5 billion.
By Ainagul Elyubaeva for Kapital (Kazakhstan).
