Kazakhstan Witnesses Robust Economic Growth of 4.9% in 11 Months

Wed Dec 13 2023
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ASTANA: Kazakhstan’s Minister of National Economy, Alibek Kuantyrov, announced an impressive economic growth rate of 4.9% for the first 11 months of this year (2023) during a government meeting on socio-economic development. The real sector experienced a growth of 3.5%, while the service sector excelled with a substantial 5.6% increase, driven by positive contributions from construction, trade, information and communications, transport, and warehousing.

Kazakhstan’s Prime Minister Alikhan Smailov emphasized the importance of attracting investments to non-resource sectors for sustained economic success. He highlighted manufacturing, agriculture, transport, logistics, IT, and tourism as key areas for investment projects. The government aims to enhance infrastructure through the domestic stock market and streamline the investment process with the support of the Investment Headquarters.

Kazakhstan Achieves Growth in Various Sectors of Economy

According to Minister Kuantyrov’s report, the investment growth rate in fixed capital surged by an impressive 14.6%, with substantial increases in information and communications and remarkable growth in transport and warehousing.

PM Smailov called for a shift in government support measures towards competitive, export-oriented, and high-tech companies, emphasizing the implementation of the “clean slate regulation” principle and finalizing the Risk Management System in state control and supervision.

Foreign trade also demonstrated positive indicators, with a 2.6% increase in turnover exceeding $114 billion in January-November 2023. Exports reached nearly $65 billion, showcasing processed goods accounting for around $21 billion. Imports exceeded $49 billion, resulting in a positive trade balance exceeding $15 billion.

The manufacturing industry recorded a robust 3.4% increase in production volume, with notable growth in various sectors contributing to expansion. In the mining industry, production increased by 5.2%, with significant rises in gas, oil, and other mineral production. Despite certain declines, the overall economic landscape is positive.

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