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Kazakhstan’s Economy Grows by 3.9% in January, with Construction and Manufacturing Sectors Leading the Way

ByEditor

Feb 13, 2024
The Economy of Kazakhstan Expands by 3.9% in January

In a government meeting chaired by Prime Minister Olzhas Bektenov, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov announced that Kazakhstan’s economy grew by 3.9% in January. The highest growth rates were seen in the construction sector, transport and warehousing, information and communications, and manufacturing.

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

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.

Inflation remains a concern for the government, as they continue to prioritize containing price increases and aim to maintain inflation within the range of 6-8% this year.

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