Kazakhstan's government expects the country's economy to grow by 5.3% this year

The government forecasts economic growth at 5.3% / Photo: Shutterstock

This year, Kazakhstan’s economy is expected to grow by 5.3% at least, according to the country’s cabinet.

In 2023, the country reported economic growth of 5.1%. For instance, key industries such as the construction sector grew by 12.3%; trade by 11.3%; telecommunication services by 7.1%; transportation services by 6.9% and the production sector by 4.3%.

Foreign direct investments (FDI) in Kazakhstan amounted to $19.7 billion over the first nine months of 2023; non-commodity sectors accounted for more than $11 billion of this money. Investments in fixed capital rose by 13.7%.

The cabinet reported a 20-year high FDI rate (annual rate at $26 to $28 billion) for the second year in a row. As a result, Kazakhstan is the leader in terms of attracting foreign investments among the CIS member states.

Over eleven months of 2023, the external trade turnover rose by 2.2% to $126 billion with a trade surplus of $16 billion. At the same time, the non-commodity export classification list has been expanded by 141 items.

Also, the country reported $96 billion in international reserves including the National Fund assets that grew by $4 billion and exceeded $60 billion.

Last year, inflation decreased by more than two times, reaching 9.8%. In 2024, the cabinet instructed financial regulators to keep inflation in a corridor of 6 to 8%.

The U.N. and the Eurasian Development Bank forecasted Kazakhstan’s economy to grow by 4.8% and 5%, respectively in 2024.

In late October 2023, Minister of National Economy Alibek Kuantyrov said that the country’s economic growth would be at 5%. In December, he presented an adjusted forecast for the growth at 4.9%.