Kazakhstan’s Economic Growth to Reach 5% at Year-End

Kazakhstan’s economic growth may reach 5% at the end of the year, said Minister of National Economy Alibek Kuantyrov summing up the results of 2023.

Kazakhstan’s economy showed sustainable growth of 4.9% in January-November from 2.7% in 2022. “Overall, GDP per capita increased from $11,500 to $13,300,” Kuantyrov added.

Measures envisaging 90 operational and medium-term steps made it possible to lower inflation from 20.3% in December 2022 to 10.3% in November.

Fixed asset investments grew 14.6% to over 15 trillion tenge ($32.7 billion).

Kazakhstan exported goods worth $65 billion this year, with processed goods accounting for $21 billion. Imports totaled $49 billion. The positive trade balance exceeded $15 billion.

The country attracted $13.3 billion of foreign direct investment in the first six months, planning to bring this figure to nearly $27 billion by the end of the year.

All sectors of the economy launched 210 new investment projects worth 967.7 billion tenge ($2.1 billion), creating 19,500 jobs. Another 291 projects valued at 1.6 trillion tenge ($3.4 billion) are expected to be commissioned by year-end.

Focusing on the business climate, Kazakhstan introduced additional mechanisms for investment agreements on individual terms with large investors. As such, the stability of tax legislation is guaranteed for ten years when concluding an Agreement on Investment Obligations.

The government eliminated 10,000 unnecessary requirements for businesses and is set to reduce the number of business inspections twofold by 2024.

State support for small and medium-sized businesses (SMEs) increased from 209 ($455.6 million) to 288 billion tenge ($627.8 million). The share of SMEs in Kazakhstan’s GDP reached 36.4%.

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