Kazakhstan’s GDP Grows 5.6 Percent in January 2023

ASTANA – Kazakhstan’s gross domestic product (GDP) grew by 5.6 percent in January, said First Vice Minister of National Economy Timur Zhaksylykov at a Feb. 14 government meeting, as reported by the Prime Minister’s press service.

Kazakh Prime Minister Alikhan Smailov. Photo credit: primeminister.kz.

Kazakhstan experienced growth in major economic sectors, such as the real sector (2.3 percent) and the service sector (7.6 percent). Trade grew (19.4 percent) as did information and communication (18.1 percent), whereas growth in construction reached 12.5 percent as over one million square meters of housing were commissioned.

According to Zhaksylykov, the volume of investments in fixed assets for the reporting period grew by 18.3 percent. Investment inflow increased by 9.2 percent in the industrial sector, 33.7 percent in agriculture and real estate each, and 31.8 percent in transport and storage.

Following the preliminary results of 2022, the country’s foreign trade turnover increased by 32.1 percent to US$ 134.4 billion. The exports grew by 39.9 percent to reach US$ 84.4 billion, with the country’s imports reaching US$ 50 billion.

The positive trade balance reached US$ 34.4 billion, while the manufacturing industry maintained favorable growth rates (1.6 percent). The positive trend is also seen in the production of food (9.8 percent), oil (11.1 percent), chemical products (10.6 percent), beverages (33.2 percent), pharmaceuticals (51 percent), and light manufacturing (11.3 percent). 

“We must make every effort to maintain economic growth momentum,” Kazakh Prime Minister Alikhan Smailov added at the meeting.

Smailov also stressed the importance of reducing inflation by half, to 9.5 percent this year.

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