Kazakhstan’s Economy: Achieving Stable Growth and Supporting Medium-Sized Enterprises

The Economy of Kazakhstan Expands by 3.9% in January

In a recent government meeting, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov announced that Kazakhstan’s economy grew at a rate of 3.9% in January. The highest growth sectors were construction, transport and warehousing, information and communications, and manufacturing.

Prime Minister Olzhas Bektenov emphasized the government’s priority task for the current year is to ensure stable economic growth at 6%. Preliminary results indicated that foreign trade turnover increased by 3.2% to $140 billion last year, with exports nearing $79 billion and imports exceeding $61 billion.

The government also aims to support the development of medium-sized businesses by reviewing the state support system and accelerating the conclusion of agreements with successful medium-sized enterprises. President Kassym-Jomart Tokayev’s statement about last year’s value-added tax (VAT) not being refunded to businesses was highlighted by Bektenov as a result of incorrect planning.

Furthermore, the government continues to prioritize containing price increases and aims to maintain inflation within the range of 6-8% this year.

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