Kazakhstan’s GDP grows 1.6% in 2nd quarter
NUR-SULTAN. KAZINFORM – Kazakhstan’s GDP has been showing a 1.6% growth since the start of the second quarter of the year, Kazinform correspondent reports.
According to Akylzhan Baimagambetov, Deputy Chairman of the National Bank of Kazakhstan, Kazakhstan’s economy is demonstrating growth with the GDP rising by 1.6% in five months. In his words, it is due to the resumption of the service sector, high investment activity in non-primary sectors.
It was noted that business activity support in 2020 and economic recovery in 2021 have been ensured thanks to the coordinated efforts of the Government and the National Bank, which formulated its policy given the conditions.
Last year inflation was maintained at 8-8.5% level and stood at 7.5% in keeping with the tasks of the Head of State as part of the measures to ensure price stability.
Inflation growth was largely due to growing food prices by 11.3% due to supply chain destructions affected by the state of emergency and quarantine measures enforced in Kazakhstan as well as the main trade partners, and greater demand for some products. Given the inflation prices for non-food products rose by 5.5% and paid services – by 4.2%.