Kazakhstan’s GDP decreased by 1.7% - Minister of National Economy
Minister of National Economy Ruslan Dalenov has presented the results of Kazakhstan’s socio-economic development for January-May 2020 at the Government session, the Strategy2050.kz correspondent reports.
“According to updated information, the country’s GDP fell by 1.7%. Production of goods grew by 4.8%. At the same time, production of services decreased by 6.2%. Annual inflation amounted to 6.7%. This is lower last month’s level”, Dalenov said.
According to him, nevertheless there are positive trends.
“Growth is observed in the industrial sector. The service sector has been showing a dynamic recovery since May. The trade balance reports high growth. In the industrial sector, there has been an increase in construction by 5.9%, mining - by 5.2%, processing - by 4.9% and agriculture - by 2.2%. At the same time, in the services sector, there is still a decrease in volumes: in transport - by 14.1%, trade - by 12.3%, real estate operations - by 4.8%, administrative services - by 3.8%. Communication services increased by 9.2% in January-May”, the Minister informed.
At the same time, according to Ruslan Dalenov, amid weakening of quarantine measures, rehabilitation of certain service sectors is noted, in particular, trade services increased by 28.3%, retail trade by 34.2% and wholesale trade by 26.1%. Transportation services grew by 20.7%, including passenger traffic by 41.5% and freight traffic by 5.7%. Food services increased by 10.8%.
According to the Ministry of National Economy, as a whole, May recorded a dynamic recovery of the country's economic growth rate.