Kazakhstan’s Economy Grows 4.5% in First Five Months of 2023

ASTANA – The economy of Kazakhstan has grown 4.5% over the first five months of this year, Minister of National Economy Alibek Kuantyrov said at the government’s meeting on June 13, reviewing the results of the country’s development and budget outturn, reported the Prime Minister’s press service.

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

The real sector grew by 3.6%, while the service sector increased by 4.5%, according to Kuantyrov. All significant industries showed positive dynamics, with construction hitting a 12.1% surge, trade – at 10.2%, and information and communications – at 9.1%.

The growth rate of investments in fixed assets totaled 17.2%. Their inflow increased in transport and warehousing by 56%, agriculture by 31%, industry by 15.7%, and real estate transactions by 3%.

According to preliminary results, foreign trade turnover increased by 11.1% to $44.4 billion in January-April. Exports reached $25.5 billion, growing in processed goods by 7.5% to $8 billion inclusively.

Imports of goods hit $18.9 billion. Overall, the country’s positive trade balance totaled $6.6 billion.

Over the same period, the state budget received more than 8 trillion tenge ($17.8 billion) in income, reported Deputy Prime Minister and Finance Minister Yerulan Zhamaubayev. The plan was 103% over-fulfilled.

The manufacturing industries were the main contributors to the economic growth, Prime Minister Alikhan Smailov said, noting a 32% increase in mechanical engineering, 41% in the automotive industry, and 31% in the light industry.

The agriculture sector grew by 3.5%, while the output of finished metal products increased by 11%, plastic products by 7.7%, food by 6.5%, and mineral products by 4.1%.

International financial institutions cut their global growth forecasts twofold, Smailov said, emphasizing the need to maintain macroeconomic stability and ensure an increase in economic growth rates despite external factors.

“We should focus on the qualitative development of basic industries and take effective measures to improve the well-being of citizens by increasing labor incomes and creating quality jobs,” he stressed.

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!