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Kazakhstan’s Economy Grows at 3.9% in January, Prioritizing Stable Growth and Medium-Sized Business Support


Feb 13, 2024
The Economy of Kazakhstan Expands by 3.9% in January

At a government meeting chaired by Prime Minister Olzhas Bektenov, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov announced that Kazakhstan’s economy grew at a rate of 3.9% in January. The highest growth was seen in the construction sector, transport and warehousing, information and communications, and manufacturing.

Preliminary results showed that foreign trade turnover increased by 3.2% to $140 billion last year, with exports nearing $79 billion and imports exceeding $61 billion. Prime Minister Bektenov emphasized the government’s priority task for the current year is to ensure stable economic growth at 6%.

The government also aims to support the development of medium-sized businesses by reviewing the state support system and accelerating the conclusion of agreements with successful medium-sized enterprises. President Kassym-Jomart Tokayev’s statement about last year’s value-added tax (VAT) not being refunded to businesses was highlighted by Bektenov as a result of incorrect planning.

In addition to these priorities, the government continues to prioritize containing price increases and aims to maintain inflation within the range of 6-8% this year.

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