The Kazakh economy grew by 5% in real terms in the first half of 2023, according to Prime Minister Alikhan Smailov. The main drivers of growth were the mining and manufacturing industries, construction, and the service sector, Turanews.kz reports.
In the manufacturing industry, production grew by almost 30%, led by the automotive industry, which saw a 40% increase in output. Other sectors that saw strong growth included light industry, beverages, food products, plastic products, mineral products, and finished metal products.
The mining industry also performed well, with crude oil production increasing by 5.6% and natural gas production by 2.5%. The construction industry grew by more than 12%, and agriculture by 3%. The service sector grew by almost 5%, led by trade, information and communications, and transport.
Investment in fixed capital, excluding mining, grew by about 14% in the first half of the year. All the main macro indicators showed an increase in the Abay, Akmola, West Kazakhstan, Kostanay regions, and the cities of Almaty and Shymkent.
Prime Minister Smailov said that the government is committed to achieving at least 5% economic growth by the end of the year. He stressed that sustainable economic growth is essential for improving the quality of life of the population.
“We must be prepared for various development scenarios, taking into account the current geopolitical situation,” Smailov said. “The first heads of state bodies need to strengthen the work on diversifying the economy and creating permanent jobs.”
