Kazakhstan’s economy grows 4.9% in 2023

Kazakhstan’s Minister of Economy, Alibek Kuantyrov, announced that the republic’s GDP grew by 4.9% between January and October.

“This year, according to the results of January–October, the growth rate of Kazakhstan’s economy was 4.9%, as the real sector grew by 3.8% and the service sector by 5.4%. Construction, trade, and communications, as well as transportation, recorded the greatest growth among industries,” Kuantyrov said.

“The growth rate of investments in fixed assets was 12.6%. The flow of investments in transportation and storage increased by 58%, health care by 40%, trade by 38%, education by 18%, agriculture by 8.7%, and industry by 8.3%,” he added.

The largest growth was recorded among the regions of Mangistau, Abai, Turkestan, and Pavlodar.

“According to preliminary results, from January to September, foreign trade increased by 2.4% and reached $102 billion,” Kuantyrov said.

“Exports exceeded $57 billion, including exports of manufactured goods, which reached $18 billion. Imports of goods amounted to more than $44 billion. Overall, the positive trade balance is $13 billion,” Kazakhstan’s Minister of Economy ecplained.

Gas production also increased by 9.7%, oil by 9.3%, and other metals by 14%.

Mineral ore mining decreased by 1.1%, mining services by 2.3%, and coal mining by 5.5%. The completed construction volume increased by 12.5%.