Kazakhstan’s GDP demonstrates 3.3% growth over the first seven months of this year

According to the minister of national economy

Over the period from January to July 2022 Kazakhstan’s gross domestic product (GDP) rose by 3.3%, the Minister of National Economy Alibek Kuantyrov said. 

The real sector and service sector of the economy show the highest rate of growth. Also, the country is still preserving the positive balance of trade.

“In the real sector of the economy, the growth is about 3.4% and 2.5% in the service sector. Among other sectors that demonstrate positive figures are the construction sector, information and communication sector, trade, transport and warehouse industry, processing industry, agricultural sector and mining industry. We have also seen an increase in capital investment. Now this rate is at 4.5%,” Kuantyrov said.

The increase of investments in the sphere of public administration and social services reached 99.2%, in education this rate grew by 74.8%, in real estate the amount of investment rose by 19.9%, in the financial and insurance sphere by 17.3% and in the construction industry by 14.8%.

“In terms of regions, the cities of Shymkent and Almaty, as well as the regions of Almaty and Zhetysu, demonstrate the best results of economic growth. At the same time, in the Ulytau, Abai, Atyrau and Karaganda regions we’ve seen a decline in business activity,” the minister noted.

Concerning external trade, it reached $63.7 billion (a 39.4% increase) over the period from January to June. Kazakhstan’s exports over the period under review rose by 56.3% to $42.2 billion in total, including the export of unprocessed goods (+33.5%, $12 billion).

The country’s imports were about $21.5 billion.

According to the IMF, the growth of Kazakhstan’s GDP is expected to be at 2.9% this year. This forecast is 0.6 p.p. higher than the last one made in April. At the time, the fund projected the country’s GDP growth at 2.3%.

As President Kassym-Jomart Tokayev said on July 14, the country’s economy is still resilient to tough geopolitical challenges. For instance, it grew by 3.4% over the first half of the year. 

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