Kazakh government expects 5.3% economic growth in 2024
Kazakhstan recorded 5.1% economic growth in 2023, with all basic sectors experiencing positive dynamics: 13.3% - in construction, 11.3% - in trade, 7.1% - in communication and information services, 6.9% - in transport services, and 4.3% - in industry, Kazinform News Agency reports.
Fixed capital investments augmented by 13.7%.
In nine months of 2023, the volume of foreign direct investments reached $19.7 billion, $11 billion of which were spent on non-resource-based sectors.
In general, for the second year in a row, Kazakhstan shows one of the highest FDI indicators in the past decade – $26-28 billion, which makes the country a leader among the CIS states, a statement from the Government reads.
According to the Government, Kazakhstan’s foreign trade turnover has increased by 2.2% in 11 months of 2022 and reached $126 billion. Trade surplus exceeded $16 billion. The range of non-resource-based exports expanded by 141 items.
The country’s international reserves made $96 billion. The assets of the National Fund rose by $4 billion and hit $60 billion.
The international rating agencies confirmed sovereign rating and investment reliability of Kazakhstan’s economy.
The Government together with the National Bank and local executive authorities implements a set of inflation control and reduction measures. As a result, inflation decreased by more than twofold and made 9.8% in 2023. The goal for 2024 is to retain inflation at 6-8%.
In 2024, economic growth is expected to be at 5.3%.
The government continues fulfilling the tasks set by the Head of State in his election platform and state-of-the-nation addresses.
This work is aimed at diversification of economy, development of entrepreneurship, attraction of investments and significant improvement of the population’s wellbeing.