UPDATE - Kazakhstan's GDP Down 2.6 Percent in 2020 - Economy Minister

NUR-SULTAN (Pakistan Point News / Sputnik - 12th January, 2021) SULTAN, January 12 (Sputnik) - Kazakhstan's GDP decreased by 2.6 percent in 2020, Minister of National Economy Ruslan Dalenov said.

"The GDP growth rate was negative 2.6 percent," Dalenov said at a Tuesday government meeting, announcing the 2020 social-economic development results.

According to the economy minister, the volume of industrial production in Kazakhstan decreased 0.7 percent in 2020 as compared to the previous year. There was growth in the manufacturing industry, but the mining industry showed at 3.

7 percent decreased due to oil production cuts under the OPEC+ agreement.

In October of last year Dalenov said that Kazakhstan was forecasting a GDP decrease of 2.1 percent in 2020.

In March, Kazakhstan's National Economy Ministry forecast a GDP growth of 4.1 percent for 2020, but after the collapse on world commodity and financial markets, the forecast was revised to a 0.9-percent decrease.

According to Dalenov, international financial organizations predict that the economic decline in Kazakhstan will be followed by steady positive growth starting from 2021.