ASTANA – Kazakhstan’s economy recorded 3% real gross domestic product (GDP) growth in January-March, supported by expansion in non-resource sectors and increased investment activity, said Prime Minister Olzhas Bektenov at an April 14 government meeting. Ensuring high-quality and sustainable economic growth remains a key priority.
Its achievement is linked to the development of the manufacturing sector, increased investment activity, and the technological modernization of production processes, reported the Prime Minister’s press service. The meeting discussed the structure of economic growth and the resilience of the domestic economy amid unfavorable external conditions.
Growth was primarily driven by the non-resource sector, including manufacturing, transport, construction, and trade, which continue to demonstrate stability and competitiveness. According to the Deputy Ministry of National Economy Azamat Amrin, real GDP growth for the reporting period stood at 3%, with the services sector expanding by 3.7% and the real sector by 2.1%.
Sectoral performance showed the highest growth in construction (14.8%), transport services (12.8%), and manufacturing (8.5%). Foreign trade turnover in January-February reached $21.7 billion, with a trade surplus of $2.4 billion. The share of manufacturing increased to 12.7%, exceeding mining for the second consecutive year, while the oil sector’s contribution to GDP declined to 8.1% in 2024 from 16.5% in 2010.
Continued economic diversification was noted as essential to ensuring sustainable long-term growth. “To ensure sustainable development, it is important to continue diversifying the economy, which will help avoid the middle-income trap,” said Amrin. Investment activity emerged as a key driver early this year.
Total investment in fixed assets reached 3.5 trillion tenge (US$7.4 billion), marking a 6.4% increase. The Zhambyl, Turkistan, and Ulytau Regions led in attracting capital, with significant inflows directed to the electricity, communications, and agricultural sectors.
According to Amrin, foreign trade turnover increased by 11.3% in the first two months of the year, reaching $21.7 billion.