• Thu. Feb 29th, 2024

Kazakhstan’s Economy Takes Off with Growth of 3.9% in January and 6% Target for Year Ahead


Feb 13, 2024
The Economy of Kazakhstan Expands by 3.9% in January

In a recent government meeting, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov announced that Kazakhstan’s economy grew at a rate of 3.9% in January. The highest growth sectors were construction, transport and warehousing, information and communications, and manufacturing.

Preliminary results showed that foreign trade turnover increased by 3.2% to $140 billion last year, with exports nearing $79 billion and imports exceeding $61 billion. Prime Minister Olzhas Bektenov emphasized the importance of achieving a stable economic growth rate of 6% for the current year.

The government also highlighted the need to support the development of medium-sized businesses by reviewing the state support system and accelerating the conclusion of agreements with successful enterprises. President Kassym-Jomart Tokayev’s statement about last year’s value-added tax (VAT) not being refunded to businesses was also addressed by Bektenov as a result of incorrect planning.

Inflation remains a priority for the government, which aims to maintain it within the range of 6-8% this year while continuing to work on containing price increases.

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