Kazakhstan’s National Economy Minister, Alibek Kuantyrov, has revealed the republic’s social and economic development predictions.
“Real GDP growth is expected to be 5.3% in 2024, rising to 6% in 2026–2028. Over the next five years, the average annual GDP growth rate will be 5.8%. Nominal GDP would rise from 135 trillion in 2004 to 218.5 trillion in 2028,” according to Kuantyrov.
“All of the fundamental economic sectors are projected to have favorable developments,” Kuantyrov said.
The non-oil industry will be a main driver of the anticipated development.
Annual industrial growth rates are predicted to reach 4% in 2024–2027, with the manufacturing sector growing by 4.9% on average, outpacing the expansion of the mining industry. The extension of the Kashagan, Tengiz, and Karachaganak fields will result in oil production exceeding 100 million tons.
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