Kazakhstan’s GDP Surges by 5.4% in First Two Months of 2024
Kazakhstan’s GDP Growth Reaches 5.4% in January-February
During a recent meeting of economic bloc ministries chaired by Prime Minister Olzhas Bektenov, it was reported that Kazakhstan’s GDP grew by 5.4% in the first two months of the year. This positive development is attributed to improvements in the production of goods and services in the country.
Industrial production saw a significant increase of 5.7%, with the manufacturing industry experiencing an even higher growth rate of 8.9%. Key sectors such as mechanical engineering, food production, construction materials, metal products, and the chemical industry made notable contributions to this growth. Additionally, mining output also saw a rise of 4.1%.
Construction volumes remained high at 408.1 billion tenge (US$829.3 million), indicating sustained growth in this sector. Trade expanded by 6%, while transport and warehousing services surged by 21.3%, further boosting economic activity in the country.
Wholesale trade enterprises played a significant role in driving growth, with notable increases in the trade of grain, seeds, animal feed, pharmaceuticals, and vehicles. Grain transportation saw a substantial increase of 43% to 2.4 million tons, while milled product shipments grew by 12%.
Moreover, exports of high value-added products, particularly compound feed and vegetable oil, experienced significant growth. Compound feed exports increased fivefold to 273,000 tons, while vegetable oil exports rose by 28% to 94,000 tons.
Overall, these positive economic indicators reflect a strong start to the year for Kazakhstan, indicating a promising outlook for continued growth and development in the coming months.
