Kazakhstan’s Non-Oil Sector Drives Economic Growth in 2022
Kazakhstan’s Economy Shows Strong Growth in 2024
In 2024, Kazakhstan’s economy experienced significant growth, with a 4.4% increase driven by strategic measures to diversify the economy, attract investments, and support domestic businesses. The government focused on expanding the non-oil sector, creating a favorable investment climate, and providing assistance to small and medium-sized enterprises (SMEs).
Key economic indicators show that more than 70% of the growth came from manufacturing, trade, agriculture, and construction. Agriculture saw a 13.4% increase in gross output, the highest since 2011, while construction, trade, transport services, and manufacturing also experienced growth. Investments in fixed assets rose by 3.1%, reaching 15.8 trillion tenge (US$29.9 billion).
Foreign trade turnover reached $116.9 billion, with exports increasing by 5.1% to $68.5 billion. China, Türkiye, and the European Union were key markets for Kazakhstan, with exports diversifying to countries like Ireland, Switzerland, and France. Services exports rose by 10.5% to $8.4 billion.
Improvements in credit ratings and investment prospects were also notable, with Moody’s upgrading Kazakhstan’s credit rating and Fitch affirming the country’s rating. These upgrades enhance economic stability and attractiveness to investors.
Government policies aimed at supporting domestic production and SMEs led to a rise in domestic procurement value and an increase in the share of small and medium-sized businesses in the economy. Support programs provided subsidies, guarantees, and grants, while syndicated lending and new bond loan conditions improved financing opportunities.
Kazakhstan also focused on digital transformation to streamline business processes and invested in infrastructure development with international financial institutions. Projects included road modernization, school upgrades, and renewable energy initiatives, with cooperation from organizations like the World Bank, the Asian Development Bank, and the European Bank for Reconstruction and Development.
Overall, Kazakhstan’s strong economic growth in 2024 showcases the country’s commitment to diversification, investment attraction, and support for domestic businesses, setting a positive trajectory for the future.
