Kazakhstan’s GDP growth rate reaches 5%

According to Azamat Amrin, deputy minister of national economy, Kazakhstan’s GDP grew by 4.9% over the period from January to August of this year.

In the first eight months of 2023, the real sector and service sector grew by 4.4% and 4.8%, respectively. Moreover, the agency says that it sees positive dynamics in almost all economic sectors, particularly in construction, trade and information and communication sectors.

Investment in fixed capital has grown by 12.2% since January. In terms of performance, the transport and warehouse industry (49%), education (31.9%), trade (30.1%), agriculture (20.7%), and production sector (8.5%) demonstrated the best results. In terms of regions, the leaders are the Mangystau, Abay, Pavlodar and Turkestan regions.

In August, Minister of National Economy Alibek Kuantyrov presented a forecast for the social and economic development of Kazakhstan for the period from 2024 to 2028 with a planned GDP growth rate of 5.8%. In 2024, the economy is expected to grow by 5.3% and to increase to 6% in 2028. The industrial sector is expected to grow by 4% per year on average.

In May, the government predicted the social and economic growth of the national GDP at 4% this year, 5% in 2024 and 6% in 2028. In turn, those experts asked by the Association of Financiers of Kazakhstan predicted GDP growth at 3.9% in 2024, while analysts from Halyk Finance talked about 4.8% at the end of 2023.