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Posted On

16
August
2022

Kazakhstan's GDP grew 3.3% in 7M – minister

NUR-SULTAN. Aug 16 (Interfax-Ukraine) – Kazakhstan’s economy expanded by 3.3% in January-July 2022, National Economy Minister Alibek Kuantirov said.

"In January-July this year, the pace of Kazakhstan’s economic growth picked up to 3.3%, while growth in the real sector was 3.4%," the minister said at a government meeting on Tuesday.

The service sector contributed the most to the economic growth due to a 2.5% rebound in business activity.

Prime Minister Alikhan Smailov earlier told President Kassym-Jomart Tokayev that Kazakhstan’s GDP grew by 3.2% in January-July of this year. According to Smailov, production of goods increased by 3.3%, and services by 2.4%. The sectors that demonstrated higher growth include construction, trade, manufacturing, transport, and communications.

The National Bank of Kazakhstan expects the economy to grow 2.8-3.8% and the National Economy thinks it will rise 2.1-3.9% in 2022.

Kazakhstan’s GDP rose 4% in 2021.