National economy demonstrates strong upward growth – Askar Mamin

According to the Kazakh PM, the country’s economy has been demonstrating an upward growth trend as the GDP accelerated to 3.4% in the first nine months of 2021.

Noting that there was an overall 5.7% rise in the manufacturing output, the Kazakh PM pointed to a 22.8% increase in machine-building, including a 31.6% rise in the automotive industry, a 50.5% rise in building of locomotives and trains, a 10.1% growth in production of building materials, a 38.1% rise in pharmacy, a 31.4% rise in production of plastic products, a 14% rise in the garment industry, a 14.9% rise in the furniture industry, and a 17.2% rise in output of finished metal goods,

«The service sector has been seeing strong recovery due to the quarantine let-ups and grew by 2.9% thanks to high dynamics in trade and communications. Construction increased by 9.7%. In the first nine months of 2021, 10.4mln sq.m. of housing were commissioned, with an 8% year-over-year rise,» said Mamin.

He went on to note that the growth in investments has been actively picking up and stands at 2%. The figure is estimated at 15.1% excluding mining. He noted that high investments in fixed capital were seen in construction, manufacturing, trade, agriculture real estate operations, financial activity, and information and communications.

Mamin noted that for business activity’s further recovery and quality development it is important to continue attracting investments.

It was noted that the inflation grew from 8.7% in August to 8.9% in September in the country.

According to the Kazakh PM, growing food prices continue are behind a rise in inflation. Socially significant goods have risen in price by 0.2% over the week in the country.

In conclusion, the Kazakh PM instructed to strengthen the work and take real measures to step up growth in sectors of economy, attract investments, create jobs, and contain increases in prices in the future as well as take measures to timely utilize budgetary funds.