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Kazakhstan’s economy contracts 2.9% in 10 mths

10 November 2020 10:10

NUR-SULTAN. KAZINFORM – Kazakh Economy Minister Ruslan Dalenov told about the current economic situation of Kazakhstan during a government session on Tuesday, Kazinform correspondent reports.

According to Mr Dalenov, there was increase in investments in non-extractive sectors of the economy as well as there was growth in the real economic sector in 10 months of 2020. He also added that the services sector has leveled off and credits extended to the economy have increased.

He went on to say that the services sector continued to grow in October compared to September, but is still affected by the restrictive measures.

In 10 months, the country’s goods production rose by 1.9%, whereas production of services declined by 6.1%, resulting in the GDP contraction by 2.9%. The annual inflation stands at 7.1%.