Russia’s CBR maintains key rate at 16%
2 days ago
Kazakhstan registered economic growth of 5.1% last year, according to a statement posted on the prime minister’s website.
All major economic sectors demonstrated positive trends. Construction saw a significant boost at 13.3%, followed by trade at 11.3%, information and communication services at 7.1%, transport services at 6.9% and industry at 4.3%.
During the period between January and September, foreign direct investment (FDI) inflows totalled $19.7bn, with over $11bn directed towards non-resource sectors.
The country's international reserves reached $96bn, including the assets of the National Fund, which expanded by $4bn to over $60bn.
Inflation witnessed a significant decline in 2023, falling below double digits and registering at 9.8% in December. For 2024, the government aims to maintain inflation within the range of 6-8%.
The government anticipates further economic expansion with growth forecast at 5.3% in 2024.
National Bank governor Timur Suleimenov said in an interview with The Astana Times that he expected the main driver behind GDP growth in Kazakhstan in 2024 would be domestic demand. This growth would be sustained by government investments in various sectors, including the construction of educational facilities, infrastructure projects and the modernisation of housing and communal services, he added.
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