Kazakhstan’s GDP Grows by 4% in First Nine Months of 2024
Kazakhstan sees 4% GDP growth in first three quarters of 2024
Kazakhstan’s Prime Minister Olzhas Bektenov recently reported that the country’s GDP has grown by 4% during the first three quarters of 2024. This growth was primarily driven by the development of the non-resource sector, showing a positive trend in the country’s economy.
According to a press statement from Akorda, the strongest growth was observed in the agriculture sector, which surged by an impressive 11.4%. This was followed by growth in construction at 10.1%, transport at 8%, communications at 6.4%, trade at 6.3%, and manufacturing at 4.8%.
Furthermore, Kazakhstan’s foreign trade turnover from January to August reached $91.7 billion, with the share of exports increasing by 3.3%. The positive trade balance also saw a significant growth of 34.8% to reach $15.4 billion.
The state budget has received 14.9 trillion tenge (US$30.4 billion), with a focus on prioritizing social obligations in government expenditures. Bektenov also updated President Kassym-Jomart Tokayev on the ongoing efforts to return illegally acquired assets, with agreements worth nearly 450 billion tenge (US$919.8 million) approved for asset returns since the beginning of the year.
Assets valued at 265 billion tenge (US$541.7 million) have already been recovered, with funds allocated towards socially significant projects such as rehabilitation and socialization programs for those in need, as well as the construction of a cultural and educational center and a sports arena.
President Tokayev was briefed on the recent meeting of the Shanghai Cooperation Organization’s Council of Heads of Government in Islamabad. He emphasized the importance of diversifying Kazakhstan’s economy, supporting small and medium-sized businesses, innovating in agriculture, and implementing large industrial and infrastructure projects to further boost economic growth in the country.
