Kazakhstan's economy experienced a growth of 3.9% in January
Kazakh Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov announced at a government meeting on February 13, chaired by Prime Minister Olzhas Bektenov, that the growth rate of Kazakhstan's economy stood at 3.9% in January, as reported by the Prime Minister’s press service.
The construction sector experienced robust growth, expanding by 12.8%, while transport and warehousing grew by 11.4%, information and communications by 10.6%, and manufacturing by 6.9%, marking the highest indicators.
Preliminary results indicated a 3.2% increase in foreign trade turnover last year, totaling $140 billion. Exports reached nearly $79 billion, with processed goods accounting for over $25 billion. Imports surpassed $61 billion, resulting in a positive trade balance of nearly $18 billion.
Prime Minister Bektenov underscored the government's priority task of achieving stable economic growth of 6% for the current year. To support the development of medium-sized businesses, he directed a review of the state support system and expedited the conclusion of agreements with successful medium-sized enterprises to expand production by 2-3 times.
Referring to President Tokayev's remarks, Bektenov mentioned that approximately 600 billion tenge ($1.3 billion) in value-added tax (VAT) from last year had not been refunded to businesses. Additionally, the budget made advanced payments for 2024 to cover urgent expenses.
“These are the results of incorrect planning; the income plan for 2023 was overestimated. This practice must not be repeated,” Bektenov said, noting that there will be no increase in VAT.
