Kazakhstan’s Economy Grows 3.9% in January

ASTANA – The growth rate of Kazakhstan’s economy stood at 3.9% in January, Kazakh Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov said at a Feb. 13 government meeting chaired by Prime Minister Olzhas Bektenov, reported the Prime Minister’s press service.

Photo credit: primeminister.kz

The construction sector grew by 12.8%, transport and warehousing by 11.4%, information and communications by 10.6%, and manufacturing by 6.9%, representing the highest indicators.

According to preliminary results, foreign trade turnover increased by 3.2% to $140 billion last year. Exports approached $79 billion, with processed goods supplies accounting for over $25 billion. Imports exceeded $61 billion, and the positive trade balance reached nearly $18 billion.

The Prime Minister emphasized that the government’s priority task for the current year remains to ensure stable economic growth at 6%.

To support the development of medium-sized businesses, Bektenov directed to review the state support system and accelerate the conclusion of agreements with the most successful medium-sized enterprises aimed at expanding production by 2-3 times.

He cited President Kassym-Jomart Tokayev’s words that last year’s value-added tax (VAT) in the amount of around 600 billion tenge ($1.3 billion) was not refunded to businesses. At the same time, the budget advanced payments for 2024 to finance urgent expenses.

“These are the results of incorrect planning; the income plan for 2023 was overestimated. This practice must not be repeated,” Bektenov said, noting that there will be no increase in VAT.

The government continues to prioritize containing price increases, aiming to maintain inflation within the range of 6-8% this year.

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