Kazakh Economy Grows 4.2% in Two Months of 2024

ASTANA – Kazakhstan’s economic growth reached 4.2% in January-February this year, accelerating from 3.9% recorded in the first month of 2024, said Minister of National Economy Nurlan Baibazarov at a March 12 government meeting chaired by Prime Minister Olzhas Bektenov, reported the Prime Minister’s press service.

Prime Minister Olzhas Bektenov chairs a March 12 government meeting. Photo credit: Prime Minister’s press service

The real sector showed a 5.1% increase, while the services sector grew 3.5%. The most significant growth was demonstrated by such industries as construction, information and communications, transport and warehousing, as well as manufacturing.

The processing industries witnessed significant production upticks, with mechanical engineering marking a 23% growth, including a 21% surge in the automotive industry and a 45% rise in electrical equipment production.

Investment in fixed assets increased to 7.9%, accelerating from January’s 0.6%. Foreign trade turnover exceeded $10 billion the same month.

Exports approached $6 billion, with processed goods accounting for $1.6 billion. Imports of goods surpassed $4 billion. Overall, the positive trade balance reached $1.7 billion.

The Prime Minister directed the government and the National Bank to reduce inflationary pressure. As inflation in annual terms slowed down to 9.3% in two months, they were tasked to keep it below 8%.

He stressed the imperative to ensure the availability of ready-made infrastructure to attract investment, mentioning ongoing efforts to reduce wear and tear in electricity, heat and water supply networks.

Bektenov prioritized the gradual reduction of the state’s share in the economy to 14% of GDP by the end of 2025 and ensuring equal opportunities for everyone. According to him, this effort should be coupled with thorough privatization and the delegation of unique functions to a competitive environment

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!