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Kazakhstan’s Economy Grows by 3.9% in January: Government Sets Sights on Stable Growth and Business Development

ByEditor

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

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

The government’s priority task for the current year is to achieve stable economic growth of 6%, as emphasized by Bektenov during the meeting. 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.

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

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

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