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 3.9% in January. The highest growth rates were seen in the construction sector, transport and warehousing, information and communications, and manufacturing.
In addition to the economic growth news, preliminary results indicated that foreign trade turnover increased by 3.2% to $140 billion last year. Exports neared $79 billion while imports exceeded $61 billion. Prime Minister Bektenov emphasized that the government’s priority task for the current year is to ensure stable economic growth at 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 highlighted by Bektenov as a result of incorrect planning.
Lastly, the government continues to prioritize containing price increases and aims to maintain inflation within the range of 6-8% this year.