Kazakhstan’s Economy Forecast To Grow By 5.3% In 2024

In 2023 Kazakhstan began to focus on sustainable development. Last year’s economic growth was 5.1%, and in 2024 the government forecasts growth of at least 5.3%, the website of the Kazakh prime minister reported on February 5th

All major economic sectors showed positive dynamics in 2023: construction grew by 13.3%, trade by 11.3%, information and communication services by 7.1%, transport services by 6.9%, and industry by 4.3%.

Between January and September 2023 the volume of foreign direct investment amounted to $19.7bn, including more than $11bn to non-resource sectors.

From January-November 2023 Kazakhstan’s foreign trade turnover increased by 2.2% and amounted to $126bn, with exports exceeding imports by $16bn.

The country’s international reserves amounted to $96bn, including the assets of the National Fund that increased by $4bn to over $60bn.

Last year inflation fell by more than half, to 9.8%. In 2024 the government’s target is to keep inflation in the range of 6-8%.

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Times of Central Asia

Jonathan Campion has worked in the Eurasia region since 2007. After leaving Exeter University with a degree in Russian Language, he worked as a writer, editor, analyst and translator for international law firms, market research firms and business forums serving the CIS region's major industries, from banking and finance, to metals and pharmaceuticals, and wine and spirits. With a passion for Central Asia, he has covered the region in esteemed publications such as the Lonely Planet, Open Central Asia magazine, and National Geographic Traveler.
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He has translated books and poems from the region into English, and will be publishing his first book, about a sports team that saved lives at the start of Russia-Ukraine war, in April of 2024.

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