The Economy of Kazakhstan Expands by 3.9% in January

Kazakhstan’s economy grew at a rate of 3.9% in January, announced Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov. The highest growth was seen in the construction sector, transport and warehousing, information and communications, and manufacturing.

According to preliminary results, foreign trade turnover increased by 3.2% to $140 billion last year, with exports nearing $79 billion and imports exceeding $61 billion. Prime Minister Olzhas Bektenov emphasized that the government’s priority task for the current year is to ensure stable economic growth at 6%.

The government also aims to support the development of medium-sized businesses by reviewing the state support system and accelerating the conclusion of agreements with successful medium-sized enterprises. President Kassym-Jomart Tokayev’s statement about last year’s value-added tax (VAT) not being refunded to businesses was highlighted by Bektenov as a result of incorrect planning.

In addition to promoting economic growth, the government continues to prioritize containing price increases and aims to maintain inflation within the range of 6-8% this year.

By Editor

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