Kazakh Economy Shows 4.2% Growth in First Two Months of 2024

Kazakh Economy Shows 4.2% Growth in First Two Months of 2024

During a government meeting chaired by Prime Minister Olzhas Bektenov on March 12, Minister of National Economy Nurlan Baibazarov reported that Kazakhstan’s economic growth had reached 4.2% in January-February of this year. This was an acceleration from the 3.9% growth recorded in the first month of 2024. The real sector experienced a 5.1% increase, while the services sector saw a 3.5% growth. Industries such as construction, information and communications, transport and warehousing, and manufacturing showed significant growth.

Within the processing industries, there were notable increases in production. Mechanical engineering saw a 23% growth, with a 21% surge in the automotive industry and a 45% rise in electrical equipment production. Investment in fixed assets also rose to 7.9% in February, a significant increase from January’s 0.6%. Foreign trade turnover exceeded $10 billion, with exports reaching $6 billion and imports surpassing $4 billion, resulting in a positive trade balance of $1.7 billion.

During the meeting, the Prime Minister highlighted the need to reduce inflationary pressure and keep inflation below 8%. He emphasized the importance of maintaining ready-made infrastructure to attract investment and mentioned efforts to improve electricity, heat, and water supply networks. Bektenov also discussed the gradual reduction of the state’s share in the economy to 14% of GDP by the end of 2025, aiming to provide equal opportunities for all through privatization and delegation of unique functions to a competitive environment.

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