Kazakhstan’s economic growth slows in 2023

Kazakhstan’s prime minister, Alikhan Smailov, ordered to strengthen work, take real measures to increase growth rates in all sectors of the economy, and continue to work on stabilizing food product prices after Kazakhstan’s GDP growth reached 4.7%.

“All responsible government agencies and governors need to continue active work to stabilize prices for food products and stimulate domestic food production,” Smailov said.

“It is important to accelerate the implementation of investment projects in non-resource sectors, including manufacturing, agriculture, transport, logistics, information technology, tourism, and other areas, with the participation of foreign and domestic investors. Based on the results of nine months of this year, real economic growth reached 4.7% compared to the same period last year,” he added.

The mining industry grew by 5.4% due to increased oil and natural gas production. The manufacturing sector grew by 3.2%. Mechanical engineering has grown by more than 27%. A significant growth was recorded in the light industry of almost 15% due to an increase in textile production of more than 27%.

“The production of plastic products increased by about 7%, food and beverages by more than 3%, and chemical products by 1.5%,” Smailov said.

“Oil production increased by 8.4%, gas production by 6.1%, and production of other minerals by 13.9%. Mining of metal ores decreased by 1.2%, services in the mining industry by 1.7%, and coal mining by 5.7%, according to the minister of national economy of Kazakhstan, Alibek Quanterov.

Monthly inflation also slowed to 0.6%. However, its growth rate is still much higher than historical averages.