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Kazakhstan’s Economic Growth Reaches 3.9% in January


Feb 13, 2024

Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov reported that the growth rate of Kazakhstan’s economy was 3.9% in January. The Prime Minister’s press service relayed this information after Baibazarov made the remark during a government meeting chaired by Prime Minister Olzhas Bektenov. 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.

Foreign trade turnover increased by 3.2% to $140 billion last year and exports approached $79 billion, with processed goods supplies accounting for over $25 billion, while imports exceeded $61 billion. 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%.

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. The Prime Minister cited President Kassym-Jomart Tokayev’s words that this situation is a result of incorrect planning, and it must not be repeated. 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. In order 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.

By Editor

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