January 12. Information Center - The Kazakh economy shrank by 2.6 percent in
2020 as it takes a heavy hit from the coronavirus pandemic, said Kazakh
Minister of National Economy Ruslan Dalenov, The Astana Times reports.
State support measures, growing investment activity in the
non-extractive sectors, real sector growth and increasing in lending supported
the economy throughout 2020, said the minister.
“The outcomes of 2020 lay the firm foundation for economic
growth this year,” he added.
The real sector grew by two percent in 2020, while the
services sector that suffered from the coronavirus restrictions contracted by
In 2020, Kazakhstan commissioned 15.3 million square metres
of housing demonstrating a record 16.8 percent growth compared to 2019. The
Kazakh capital Nur-Sultan leads in housing construction.
The information and communication sector also showed an 8.6
percent increase, agriculture – 5.6 percent, processing industry – 3.9 percent
and education – 2.3 percent.
“The share of processing in the total volume of the industry
has increased by 9.4 percent from 39.4 percent in 2019 to 48.8 percent in 2020.
There has been a double-digit growth in light industry, engineering and
production of ready-made metal products. Exports of processed and finished
goods have also increased. Thanks to the growth in the production, the share of
Kazakh goods in total consumption grew by 4.7 percent,” said Dalenov.
Online shopping rose by six percent and cashless payments
increased by half.
One and four hundred million citizens received support in
employment in 2020, including 238,000 people as part of the employment road
“700,000 business people received tax breaks. 80 percent of
borrowers had their loans deferred. Nearly 40,000 business projects were
financed at a lower rate,” said Dalenov.
The nation’s social and economic development in 2020 will be
discussed in more detail at an upcoming expanded government meeting with Kazakh
President Kassym-Jomart Tokayev.