Kazakhstan’s Economic Growth Reaches 3.9% in January

Kazakhstan’s Economy Grows by 3.9% in January and Foreign Trade Turnover Reaches $140 Billion”.

Kazakhstan’s Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov, reported that the country’s economy grew by 3.9% in January. The information was relayed by Baibazarov during a government meeting chaired by Prime Minister Olzhas Bektenov. The construction sector saw the highest growth at 12.8%, with transport and warehousing growing by 11.4%, information and communications growing by 10.6%, and manufacturing growing by 6.9%.

In addition to the positive economic growth, Kazakhstan experienced an increase in foreign trade turnover last year, reaching $140 billion, up from $136 billion the previous year. Exports approached $79 billion, with processed goods supplies accounting for over $25 billion, while imports exceeded $61 billion. The positive trade balance reached nearly $18 billion.

The Prime Minister emphasized that the government’s priority task for the current year is to ensure stable economic growth at 6%. However, there were challenges in the previous year that hindered this goal, such as the value-added tax (VAT) not being refunded to businesses in the amount of around 600 billion tenge ($1.3 billion). To address this issue, Bektenov directed to review the state support system and accelerate the conclusion of agreements with medium-sized enterprises aimed at expanding production by 2-3 times.

To maintain inflation within a healthy range of 6-8% this year, the government continues to prioritize containing price increases. Despite these challenges, Kazakhstan remains committed to promoting economic growth and supporting businesses through targeted initiatives and policies.

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