Kazakhstan Outlines Strategy to Achieve 6% GDP Growth

To achieve a 6% GDP growth target in 2025, all sectors of the real economy must operate in line with established benchmarks, Kazakh Deputy Prime Minister and Minister of National Economy Serik Zhumangarin stated during a June 16 meeting reviewing the country's economic performance over the first five months of the year.

As stated by the Prime Minister’s press service, industry remains the key driver of economic growth, accounting for 25.7% of GDP by the end of 2024. In January-May, the industrial sector grew 6.4%, The Caspian Post reports citing Kazakh media.

The meeting also considered the growth potential in other segments - mechanical engineering, food, chemical, and oil refining industries.

Another sector with an active growth rate is construction. With a 15.4% increase over five months, the volume of work reached two trillion tenge (US$3.9 billion).

The housing construction sector has a target of commissioning 19 million square meters this year. Six million square meters of housing have already been commissioned, which is 5.7% higher than in January-May 2024.

“It is necessary to promptly remove administrative barriers and develop clear monthly plans for each sector with a slowdown in the pace so that companies can increase their output,” Zhumangarin said.