Kazakhstan’s economy grow by 4.9% in 2023

The Kazakh Minister of Economy, Alibek Kuantyrov, announced that Kazakhstan’s GDP grew by 4.9% in the period from January to November this year.

“The real sector grew by 3.5%, and the service sector by 5.6%. It showed the highest growth among the construction, trade, information, and communications sectors, as well as transport and storage,” Kuantyrov said.

“The growth rate of investments in fixed assets was 14.6%. The flow of investments in information and communications increased by 2.8 times, in transport and storage by 58%, in trade by 34%, in education by 17%, in agriculture by 11%, and in industry by 8.5%, including in industry by 4.6%,” he added.

The highest growth was observed among the regions of Mangistau, Turkestan, Abai, and Pavlodar.

“According to preliminary results, the volume of foreign trade from January to October 2023 increased by 2.6% and exceeded $114 billion. Exports reached $65 billion. Imports of goods amounted to $49 billion. Overall, the positive trade balance exceeded $15 billion,” the Kazakh Minister of Economy said.

“Manufacturing continues to grow positively. Production volume increased by 3.4%. Machine construction production increased by about 27%, including automobiles by 41% and electrical equipment by 32%,” he added.

“There has also been positive growth in the production of food, metal products, building materials, plastic products, light industries, and furniture,” he said.