Kazakhstan’s GDP grows by 3.8% in first 11 months of 2021

The economy of Kazakhstan has successfully adapted to the pandemic conditions, demonstrating a robust growth rate. Experts note that at present its indicators have reached the pre-pandemic level. Following the results of 11 months of this year, GDP increased by 3.8 percent. The country's foreign trade turnover from January to October reached more than US$82 billion. This amount is 14 percent higher than in the same period of 2020. Exports also showed a steady growth of 23.5 percent, exceeding US$49 billion.

“We are seeing a positive trend in all sectors. The manufacturing industry, electricity and water supply are growing rapidly. The country’s information and communications sector has also grown significantly this year. In addition, our trade is now recovering very strongly, showing dynamic growth, as well as the construction industry,” said Kalybek Magzum, spokesperson of Kazakh Ministry of National Economy.

The growth of the real sector, the development of trade and high investment activity in 2021 were the key factors in the steady development of Kazakhstan's economy. Investment this year has been concentrated in such areas as construction, manufacturing, agriculture and trade.

 “In the last two months, the growth in investment has been positive and now stands at 2.6 percent. It is especially worth noting that the growth of investment is observed precisely in our non-extractive industry. Overall, except for mining, growth was 17.1 percent. This is one of the factors of economic growth,” said Kalybek Magzum.

  

Translation by Assem Zhanmukhanova

Editing by Saule Mukhamejanova