GDP of Kazakhstan 0.2% down for 4 months

AKIPRESS.COM - The GDP of Kazakhstan declined by 0.2% for 4 months of 2020. The annual inflation reached 6.8%, Minister of National Economy Ruslan Daulenov said at the government meeting, informburo.kz reported.
Production of goods grew by 5.8%, while production of services went down for 4%. This is explained with quarantine restrictions.
The growth in production was contributed by processing industry (+7%), mining industry (+6%), construction (+5.5%), agriculture (+2.2%).
Reduction of services is observed by 11% in transportation, by 8.9% in trade, by 4% in administration services, by 2.7% in real estate operations.
The communication sector grew for 9.6%.
In case of a positive scenario of development of the situation at the world raw materials markets and improvement of external conditions, the inflation corridor may keep within 6-8% with growth of oil prices to $35-40 per barrel, National Bank Chairman Yerbolat Dosayev said.
Amid growth of the demand for food products during the state of emergency and quarantine, the annual inflation kept accelerating and reached 6.8% in April, which is bigger the second month in a row than the projected target corridor within 4-6% for 2020.
According to economists, with current low oil prices, the annual reduction of GDP of Kazakhstan will make from 2.3% to 2.7%. Inflation is prokected at 9-11%.