At the end of January 2024, the growth rate of the Kazakhstan economy was 3.9%. Deputy Prime Minister, Minister of National Economy Nurlan Baybazarov announced this at a government meeting at which the results of the country’s socio-economic development for January 2024 were reviewed.
“Growth in the real sector was 3.8%, and in the services sector 3.5%. Among the industries, the greatest growth is demonstrated by construction, transport and warehousing, information and communications, as well as the manufacturing industry,” he explained.
The growth rate of investment in fixed capital was 0.6%. The influx of investments increased in education by 3.6 times, financial and insurance activities by 3 times, transport and warehousing by 2.1 times, construction by 2 times, information and communications by 20.9%, as well as in manufacturing industry by 15.8%.
Regionally, the best indicators are observed in the regions of Zhetysu, Ulytau, as well as the Zhambyl and Almaty regions.
“According to preliminary results, in 2023 foreign trade turnover increased by 3.2% and amounted to $140 billion. Exports amounted to about $79 billion, with exports of processed goods amounting to more than $25 billion. Imports of goods exceeded $61 billion. In general, the positive trade balance amounted to about $18 billion,” summed up the head of the MNE.
The manufacturing industry maintains positive growth rates. Production volume increased by 6.9%. Positive growth was recorded in 14 regions. The greatest increase is observed in the Aktobe, East Kazakhstan, Kyzylorda regions and in the Abay region.
“In the context of manufacturing industries, production growth in mechanical engineering was ensured by about 18%, including in the automotive industry by 30% and in the production of electrical equipment by more than 44%. In addition, growth was recorded in the following industries: metallurgy by 12%, chemical industry by 40%, metal products by 18%, light industry by 3.5%, pharmaceuticals by 1.4% and furniture by 5.4%,” he said.
Mining output increased by 0.2%.
The provision of services in the mining industry increased by 6.2%, metal ore mining by 6.1%, gas by 0.5%, and other minerals by 3.3%.
“Coal production decreased by 4.7%, oil production by 1.7%. The volume of completed construction work increased by 12.8%. Positive dynamics were recorded in 16 regions, with the greatest increase in construction and installation work noted in the Almaty, Zhambyl and Kyzylorda regions, as well as in the Abay region,” emphasised Nurlan Baybazarov.
In January of this year, more than 1 million square metres of housing were commissioned, which is 3% more than in January last year. The highest rates of housing commissioning are observed in Astana, as well as in the North Kazakhstan, Kyzylorda and Zhambyl regions.
“In agriculture, the volume of gross output increased by 0.4%. The regions of Abay, Zhetysu, as well as Almaty and Kyzylorda regions showed the greatest growth. For all seven economic indicators, growth is observed in three regions: the Kyzylorda and Pavlodar regions, as well as in Astana. We have analysed the potential to ensure economic growth this year at 6%. Taking into account the identified reserves in economic sectors, the goal is achievable,” he emphasised.
By Botagoz Iskakova for Kapital (Kazakhstan).
