Kazakhstan’s Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov, announced at a government meeting led by Prime Minister Olzhas Bektenov that the country’s economy grew at a rate of 3.9% in January. The highest growth indicators were seen in the construction sector, transport and warehousing, information and communications, and manufacturing.
In addition to this news, 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 that the government’s top priority for the current year is to maintain stable economic growth at a rate of 6%.
Furthermore, the government 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 also highlighted by Bektenov as a result of incorrect planning.
Finally, the government continues to prioritize containing price increases and aims to maintain inflation within the range of 6-8% this year.