Kazakhstan Forecasts 5.3% Economic Growth in 2024 Amid Strong Performance in Key Sectors

ASTANA The Kazakh government is optimistic about economic development in 2024, forecasting a minimum of 5.3% growth. In the past year, Kazakhstan demonstrated resilience by adapting to new conditions and achieving a robust economic growth of 5.1%, according to the Prime Minister’s press service.  

Photo credit: prodengi.kz.

In 2023, the key sectors of the country’s economy experienced positive dynamics.

Construction soared by 13.3%, trade reached 11.3%, information and communication services surged by 7.1%, and industry increased by 4.3%. The transportation services, vital for Kazakhstan, demonstrated a remarkable 6.9% increase.

Investments in fixed assets also surged by 13.7%. International rating agencies continue to affirm Kazakhstan’s sovereign rating and investment reliability.

Over the first nine months of 2023, foreign direct investments (FDI) totaled $19.7 billion, with more than $11 billion allocated to non-resource sectors. This marks the second consecutive year that FDI has reached a substantial $26-$28 billion, making Kazakhstan the leading recipient of foreign investment among the Commonwealth of Independent States (CIS) countries. 

Foreign trade turnover increased by 2.2%, reaching $126 billion in the first 11 months of 2023. This positive trend contributed to a trade balance exceeding $16 billion. Notably, the non-primary exports expanded with 141 new items. 

Kazakhstan’s international reserves reached $96 billion. The National Fund assets now surpass $60 billion after a $4 billion increase in 2023. 

The government, the National Bank of Kazakhstan, and local executive authorities are undertaking measures to control inflation. As a result, it has more than halved in the past year and amounted to 9.8%. The objective for 2024 is to maintain inflation within the 6-8% range.

By 2029, it is expected to double gross domestic product (GDP).

On the way to sustainable development, the Kazakh government focuses on diversifying the economy, fostering entrepreneurship, attracting investments, and improving citizen well-being.

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