Kazakhstan’s economy up nearly 4% in January

Kazakhstan’s economy up nearly 4% in January

Kazakhstan’s economic growth reached almost four percent for the first month of 2024. In the real sector, the figures reached 3.8 percent, and in the service sector - 3.5 percent. Such areas as construction, transport, warehousing, information and communication, as well as manufacturing industry demonstrated the highest growth dynamics. Investments in the construction doubled, and in the education increased by more than 3.5 times. The highest indicators were recorded in the country’s four regions, namely, Zhetisu, Ulytau, Zhambyl and Almaty. At the government meeting, Kazakh Minister of National Economy Nurlan Baibazarov spoke about the preliminary results of 2023. He noted that the country’s foreign trade turnover amounted to nearly $140 billion, with exports making up $79 billion. The positive trade balance amounted to about $18 billion.

“The manufacturing industry maintains positive growth rates, with production volume increasing by 6.9 percent. Positive dynamics has been recorded in 14 regions of Kazakhstan. As for sectors, the production growth in mechanical engineering reached nearly 18 percent, including in the automotive industry by 30 percent, and in the electrical equipment industry by over 44 percent. Besides, the output increase is observed in such sectors as chemical industry - by 40 percent, light industry - by 3.5 percent, metallurgy - by 12 percent, metal products - by 18 percent, furniture - by 5.4 percent, pharmaceuticals - by 1.4 percent, and mining - by 0.2 percent,” said Baibazarov.

Housing construction has demonstrated positive dynamics since the start of the year, according to Baibazarov. More than one million square meters of housing were commissioned in the country in January. The highest indicators are observed in the city of Astana, as well as in the North Kazakhstan, Kyzylorda, and Zhambyl regions. Growth in seven economic indicators has been recorded both in the country’s capital and in the Kyzylorda and Pavlodar regions.

“We have analyzed the potential to ensure economic growth of six percent this year. Taking into account the identified reserves in various sectors of the economy, this goal is achievable. The main reserves that can contribute to additional GDP growth are present in manufacturing, construction, transportation and agriculture. In particular, the timely commissioning of new projects slated for 2024 can increase the growth rate in the manufacturing industry,” added Baibazarov.