Kazakhstan's 2024 GDP Growth Forecast Revised Up to 5%

According to official data from the National Statistics Bureau, Kazakhstan's economy grew by 5% in 2024, according to the Ministry of National Economy.

By preliminary estimates, GDP growth was at 4.8%, The Caspian Post reports citing Kazakh media.

As the National Statistics Bureau says, in 2024, economic growth was largely fueled by non-oil sector’s development. Production of goods augmented by 6.3% (by preliminary data - 5.5%), and services sector reported a 4.6% growth.

One of the key factors is a 6.8% ramp-up in manufacturing industry (previously 5.9%), marking the highest indicator since 2011. A significant contribution was also made by the construction sector at 15.3% (previously 13.1%) and agriculture at 13.7% (previously 13.3%).

Domestic trade volumes grew by 8.9% (previously 8.8%), transport and warehousing services increased by 9.4% (previously 8.5%).

These results became possible due to support of real sector, transport-logistics infrastructure development, stimulation of investment activity and expansion of accessibility of financial tools. The comprehensive implementation of economic policy contributed to the strengthening of domestic demand, rise in business activity and the expansion of production potential.