Kazakhstan Aims for 7% Economic Growth, Emphasizes Oil and Gas Industry
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin recently led a meeting on March 3 to discuss strategies for boosting economic growth, with a special focus on the oil and gas industry and the investment-driven development of the Mangystau Region.
During the meeting, it was revealed that the real gross domestic product (GDP) growth in 2024 was recorded at 4.8%, with a targeted growth of 7% for the year 2025. Zhumangarin emphasized that this ambitious target is achievable through the timely implementation of investment projects in the real sector of the economy.
Deputy Minister of Energy Yerlan Akkenzhenov provided insights on the progress in the oil refining sector, highlighting that oil refining in January reached 1.53 million tons, surpassing last year’s figures by 104%. The sector’s contribution to Kazakhstan’s GDP is currently less than 1%, but the production of high-value products is expected to increase with the completion of the CaspiBitum expansion project, set to enhance refining capacity from 1 million tons to 1.5 million tons.
Zhumangarin also addressed concerns about the operational capacity of large and mini refineries, expressing optimism about the sector’s potential to further contribute to Kazakhstan’s GDP this year.
With these developments in the oil and gas industry and planned investments in the Mangystau Region, Kazakhstan aims to strengthen its economic growth and diversify its industry portfolio for sustainable development in the coming years.
