Economic growth in 2024 predicted by Government of Kazakhstan
Over the past year, the economy of the republic has successfully adapted to changing conditions, achieving sustainable growth. The economic growth of the republic for this period amounted to 5.1%, thanks to the implemented measures, El.kz reports with reference to the Official Information Source of the Prime Minister of the Republic of Kazakhstan.
Key sectors of the economy show an upward trend: construction increased by 13.3%, trade volumes increased by 11.3%, the information services and communications sector grew by 7.1%, transport services rose by 6.9%, and industry showed growth by 4.3%.
Investments in the country's fixed assets increased by 13.7%. During the first nine months of 2023, the volume of foreign direct investment (FDI) reached $19.7 billion, with over $11 billion invested in the non-resource sector of the economy. For the second year in a row, FDI indicators were at the highest level in the last ten years, reaching an annual volume of $26-28 billion.
For 11 months of 2023, the country's foreign trade increased by 2.2%, reaching $126 billion. The republic's trade balance showed a positive result, exceeding $16 billion.
In particular, the assets of the National Fund increased by $4 billion, exceeding $60 billion. International rating agencies have reaffirmed Kazakhstan's sovereign rating, emphasizing its investment attractiveness.
The government, in cooperation with the National Bank and regional administrations, has taken a set of measures to manage and reduce inflation. Thanks to these efforts, inflation more than halved last year, reaching 9.8%. The goal for 2024 is to keep inflation between 6-8%.
It is also planned that in 2024 the country's economic growth should be at least 5.3%.
The government continues to work on the implementation of the tasks set out in the election program and messages of the people of Kazakhstan presented by the Head of State. These measures are aimed at actively diversifying the economy, stimulating entrepreneurship, attracting investment and significantly improving the living standards of citizens. All these steps contribute to the creation of a sustainable basis for doubling the country's GDP by 2029.
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