Kazakhstan's GDP Increases by 4.4% in the First 11 Months, Says PM

Kazakhstan's GDP grew by 4.4% year-on-year in January-November, according to Prime Minister Olzhas Bektenov, The Caspian Post reports citing Interfax-International.

Kazakh President Kassym-Jomart Tokayev received an update from the prime minister on progress with measures to drive economic growth and improve social policies, Tokayev's press service said.

"GDP growth for January-November this year reached 4.4%, with steady progress achieved in key sectors as part of economic diversification. Agriculture saw an increase of 13.4%, construction grew 10.3%, trade 8.2%, transport 8.1% and manufacturing 5.3%, including metallurgy 7.2%, machine building 6.9%, chemical production 8.4% and information and communication 5.3%," it said.

The prime minister said economic growth this year was primarily driven by the non-oil sector, which expanded by 5.1%. However, the shortfall in oil production targets dampened overall performance.

Efforts to support domestic manufacturers led to a 10.2% increase in processed goods exports to $23.3 billion, while imports fell 3.3%.

Capital investment grew 3.1%, the biggest increases being in non-resource sectors.

The president was briefed on plans to further stimulate economic activity and improve living standards across the regions. He asked the government to sustain positive growth in manufacturing, agriculture, construction and transport, to attract investment, modernize social and engineering infrastructure, encourage import substitution and maintain price stability for staple foods.

GDP grew 5.1% in 2023. Forecasts for this year are less optimistic: the World Bank expects Kazakhstan's economy to grow 3.4%, the International Monetary Fund predicts 3.5%, the Eurasian Development Bank 4.5%, and the Asian Development Bank 3.6%.