Kazakhstan’s real economy grew by 2% in 2020
Kazakhstan’s real economy grew by two percent in 2020, despite the decline in business activity and the introduction of strict restrictive measures related to the pandemic. This was said by Kazakh Finance Minister Yerulan Zhamaubayev at a plenary session of the Mazhilis, the Lower House of the Kazakh Parliament, dedicated to the government’s report on the state budget performance. He said that the priority areas of the budget last year were the costs of supporting the population and business during the state of emergency.
“A comprehensive plan was adopted to restore economic growth. Measures of tax incentives and relaxation were developed and imposed, covering nearly 700,000 entrepreneurs. Small and medium-sized business entities were provided with refinancing loans on preferential terms. About 40,000 projects were funded at a cheaper rate. More than 80 percent of borrowers from affected industries received loan deferrals. These measures contributed to maintain employment and business activity,” said Yerulan Zhamaubayev, Kazakh Minister of Finance.
As the minister noted, budget revenues amounted to 12 trillion 49 billion tenge (US$28.1 billion). They performed by 100.3 percent. Social spending also increased compared to 2019, totaling 6.6 trillion tenge (US$15.4 billion). Yerulan Zhamaubayev emphasized that this is almost half of the total volume of the state budget, namely – 47 percent.