Kazakhstan’s Minister of National Economy, Alibek Kuantyrov, recently announced encouraging news about the country’s economic performance, reporting a growth of 4.9% over the past 11 months. Minister Kuantyrov highlighted that positive trends were observed in both the real sector, with a growth rate of 3.5%, and the service sector, where the growth reached 5.6%, TuraNews.kz reports.
Several industries played a pivotal role in driving this economic expansion. Notably, construction exhibited remarkable growth at 12.6%, followed by trade at 11.3%, information and communications at 7.6%, and transport and warehousing at 7.1%.
Investments in fixed capital saw a significant surge of 14.6%, with notable increases in various sectors. Information and communications experienced a staggering 2.8 times growth, while transport and warehousing saw a remarkable 58% increase. Trade, education, agriculture, and industry also witnessed substantial growth in investment influx.
©primeminister.kz
Preliminary data for January-October revealed a 2.6% rise in foreign trade turnover, totaling over $114 billion. The positive trade balance of the republic exceeded $15 billion, with exports reaching approximately $65 billion and processed goods accounting for about $21 billion. Imports of goods amounted to over $49 billion.
Deputy Prime Minister and Minister of Finance Erulan Zhamaubaev provided insights into the state budget, noting that it achieved 98.6% of its planned income, bringing in approximately 18.2 trillion tenge. State budget expenditures were fulfilled at 96.5%, with the republic’s budget receiving 12.6 trillion tenge and local budgets 5.7 trillion tenge.
Prime Minister Alikhan Smailov emphasized the overall positive performance of all sectors, highlighting nearly 27% growth in mechanical engineering and close to 12% growth in light industry, driven by a 20% increase in textile production. The construction sector achieved remarkable growth, commissioning over 15 million sq.m. of new housing.
Smailov identified key regions demonstrating positive dynamics, including the Kyzylorda region, Zhetisu, Abay regions, and the cities of Almaty and Shymkent. The Prime Minister underscored the importance of active investment attraction, particularly in non-resource sectors such as agriculture, transport, logistics, IT, and tourism.
In support of this, the Head of State signed a Decree empowering the Investment Headquarters with special authority to enhance efficiency. Smailov called for a reorientation of government support measures toward competitive, export-oriented, and high-tech companies. He also highlighted the need for a “clean slate regulation” principle and the final launch of the Risk Management System to improve state control and supervision.
Smailov concluded by acknowledging a drop in inflation to 10.3% in November and urged government agencies to ensure the effective implementation of measures to control and reduce inflation. Looking ahead, he emphasized the government’s commitment to achieving stable economic growth of at least 6%, calling it an ambitious yet achievable goal with the collective efforts of all stakeholders.
