Kazakhstan is forecasting a 5.3% economic growth in 2024, driven by strong performances in key sectors of the economy
The Kazakh government is optimistic about economic development in 2024, projecting a minimum growth rate of 5.3%. Despite challenges, Kazakhstan demonstrated resilience in the past year, adapting to new conditions and achieving a robust economic growth of 5.1%, as reported by the Prime Minister’s press service.
In 2023, Kazakhstan's key economic sectors demonstrated positive growth. Construction surged by 13.3%, trade reached 11.3%, information and communication services saw a 7.1% increase, and industry grew by 4.3%. Transportation services, crucial for Kazakhstan, also experienced a notable 6.9% increase.
Investments in fixed assets rose by 13.7%, reflecting continued confidence in Kazakhstan's economy as affirmed by international rating agencies.
Foreign direct investments (FDI) totaled $19.7 billion in the first nine months of 2023, with over $11 billion directed towards non-resource sectors. Kazakhstan remained the leading recipient of FDI among CIS countries for the second consecutive year, with FDI reaching $26-$28 billion annually.
Foreign trade turnover increased by 2.2% to $126 billion in the first 11 months of 2023, contributing to a trade balance exceeding $16 billion. Non-primary exports expanded with the addition of 141 new items.(Source:astanatimes)
Kazakhstan's international reserves reached $96 billion, with National Fund assets surpassing $60 billion after a $4 billion increase in 2023.
Efforts to control inflation have been successful, with inflation halving to 9.8% in the past year. The goal for 2024 is to maintain inflation within the 6-8% range.
The government is committed to doubling GDP by 2029 through measures focused on economic diversification, entrepreneurship promotion, investment attraction, and enhancing citizen well-being in pursuit of sustainable development.
