The Kazakhstani economy adapted to new conditions and achieved sustainable development in 2023. Economic growth reached 5.1% due to implemented measures. All major sectors demonstrated positive dynamics: construction grew by 13.3%, trade by 11.3%, information and communication services by 7.1%, transportation services by 6.9%, and industry by 4.3%.
Investments in fixed capital increased by 13.7%. In the first nine months of 2023, the volume of foreign direct investments (FDI) amounted to $19.7 billion, with over $11 billion directed to non-raw material sectors. For the second consecutive year, FDI indicators have remained among the highest in the last decade, with an annual volume ranging from $26-28 billion. Kazakhstan leads in the overall inflow of foreign investments among CIS countries.
Over the 11 months of 2023, foreign trade turnover increased by 2.2%, reaching $126 billion. The positive trade balance exceeded $16 billion. The non-raw material export nomenclature expanded by 141 positions.
Kazakhstan's international reserves reached $96 billion, including National Fund assets growing by $4 billion, exceeding $60 billion.
The government, in collaboration with the National Bank of Kazakhstan and local executive authorities, is implementing measures to control and reduce inflation. Last year, inflation decreased by more than half, reaching 9.8%. The goal for 2024 is to maintain inflation within the range of 6-8%.
By the end of the year, Kazakhstan aims for economic growth to be no less than 5.3%.
CentralasianLIGHT.org
February 6, 2024