Inflation in Kazakhstan slows to 7 percent

Kazakh inflation rate slowed down to 7 percent in the first quarter of 2021. This was announced today at a government meeting, where the country’s socio-economic development over the past three months was discussed. According to the relevant ministry, there has been an increase in economic activity in Kazakhstan, and the production of goods has increased by almost 2 percent. Investment activity in the regions of the country is noticeable. Excluding mining, investment figures rose 34 percent on average. Significant improvements have been noted in the manufacturing industry, as well as sectors of agriculture, information and communications, transport, construction, trade and real estate. Hence, the increase in GDP. At the beginning of the year, GDP growth rate amounted to minus 2.9 percent, currently it is minus 1.6 percent.

“Overall, we see a trend of gradual improvement in performance of the main sectors of the economy. The government will continue to work through the implementation of comprehensive business support measures in order to create additional conditions for increasing economic activity. All regions of the country must ensure that the planned results of socio-economic development are achieved and that the objectives set by the Head of State are effectively implemented. On the whole, the economy of Kazakhstan is showing gradual growth despite the significant impact of the global economic crisis,” said Kazakh Prime Minister Askar Mamin.