Kazakhstan’s Economy Grows by 5% in January-April Amid Positive Dynamics in Key Sectors

ASTANA – The economy of Kazakhstan grew by 5% in January-April this year due to positive dynamics in the main sectors, the Minister of National Economy Alibek Kuantyrov said at a government meeting on May 16 dedicated to the results of social and economic development and the implementation of the national budget, reported the Prime Minister’s press service.  

Photo credit: Prime Minister’s press service.

According to Kuantyrov, the growth was driven by a surge in construction (15.4%), trade (11.2%), and information and communications (9.7%) sectors.

The volume of investments in fixed assets increased by 18%. Their inflow grew in transport and warehousing (39.3%), agriculture (26.5%), real estate transactions (10%), as well as industry (18.1%), including mining (17.3%) and processing (7%) areas.

Preliminary results showed 13.4% growth in foreign trade turnover totaling $32.7 billion in January-March. Exports reached $18.7 billion.

In January-April, the state budget received 6.1 trillion tenge ($13.5 billion) in income, reaching the objective by 104.6%, said Deputy Prime Minister and Finance Minister Yerulan Zhamaubayev.

Prime Minister Alikhan Smailov praised the country’s economic development and directed heads of ministries and regions to pursue economic diversification and creation of new jobs, notably in small and medium-sized businesses. He said filling the local market with domestic goods and promoting growth of non-primary products is critical.

Smailov also focused on enhancing business activity and developing the economy by intensifying domestic and foreign investment activities, particularly in the manufacturing industry, agriculture, transport and logistics, the IT sector, tourism, among other areas.

“The country needs investment growth in fixed assets worth 18.5 trillion tenge ($41 billion),” he said.

One of the economic policy priorities is a gradual reduction of the state’s stake in the economy to 14.4%. This year, the large-scale privatization plan, designed until 2025, should be implemented by 90%, Smailov said.

Addressing measures to curb price increases, Smailov instructed his government to halve the inflation rate this year.

“This is an important and responsible task that requires coordinated and preventive actions. In April, the inflation decreased to 16.8%. Akims (governors) of the regions should continue the required work to stabilize prices for socially significant food products,” Smailov said.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!