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Home Kazakhstan

Kazakh Government expects 5.3% economic growth in 2024

WNAM: by WNAM:
February 6, 2024
in Kazakhstan
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Kazakh Government expects 5.3% economic growth in 2024
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WNAM MONITORING: Kazakhstan recorded 5.1% economic growth in 2023, with all basic sectors experiencing positive dynamics: 13.3% – in construction, 11.3% – in trade, 7.1% – in communication and information services, 6.9% – in transport services, and 4.3% – in industry.

Fixed capital investments augmented by 13.7%.

In nine months of 2023, the volume of foreign direct investments reached $19.7 billion, $11 billion of which were spent on non-resource-based sectors.

In general, for the second year in a row, Kazakhstan shows one of the highest FDI indicators in the past decade – $26-28 billion, which makes the country a leader among the CIS states, a statement from the Government reads.

According to the Government, Kazakhstan’s foreign trade turnover has increased by 2.2% in 11 months of 2022 and reached $126 billion. Trade surplus exceeded $16 billion. The range of non-resource-based exports expanded by 141 items.

The country’s international reserves made $96 billion. The assets of the National Fund rose by $4 billion and hit $60 billion.

The international rating agencies confirmed sovereign rating and investment reliability of Kazakhstan’s economy.

The Government together with the National Bank and local executive authorities implements a set of inflation control and reduction measures. As a result, inflation decreased by more than twofold and made 9.8% in 2023. The goal for 2024 is to retain inflation at 6-8%.

In 2024, economic growth is expected to be at 5.3%.

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