Government Reports Steady Economic Growth

Government Reports Steady Economic Growth

The economy of Kazakhstan has successfully adapted to external conditions and has entered a trajectory of sustainable growth this year. From January-November, economic growth reached 4.9%, compared to 2.7% in the same period last year. Overall, Kazakhstan’s GDP per capita increased from $11,500 to $13,300, the official website of the Prime Minister (primeminister.kz) reported.

Inflation in annual terms slowed to 10.3% in November, down from 20.3% in December 2022.

During the first six months of this year, $13.3 billion of foreign direct investment was attracted, which is a very high figure and guarantees support for economic growth in the medium term. By the end of the year, it is planned to reach approximately $27 billion.

A total of 210 new investment projects were put into operation in all sectors of the economy, creating 19,500 jobs. In total, 291 projects are expected to be put into operation by the end of the year.

Production in mechanical engineering is growing at a record pace of 26.8%. At the same time, in the automotive industry and the production of electrical equipment the figures are even higher – 41% and 32%, respectively.

This year, Kazakhstan exported goods worth $65 billion. At the same time, exports of processed goods reached $21 billion.

Times of Central Asia

Times of Central Asia

 Stephen M. Bland is a journalist, author, editor, commentator and researcher specialising in Central Asia and the Caucasus. Prior to joining The Times of Central Asia, he has worked for NGOs, think tanks, as the Central Asia expert on a forthcoming documentary series, for the BBC, The Diplomat, EurasiaNet, and numerous other publications.
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Published in 2016, his book on Central Asia was the winner of the Golden Laureate of Eurasian Literature. He is currently putting the finishing touches to a book about the Caucasus.
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www.stephenmbland.com

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