Kazakhstan’s GDP grows 4.4% in January-November – Prime MinisterKazakhstan’s GDP grew by 4.4% in January-November 2024, Prime Minister Olzhas Bektenov reported on Tuesday.According to the presidential press service, President Kassym-Jomart Tokayev received an update from the prime minister on the implementation of measures to drive economic growth and improve social policies.“GDP growth for January-November this year reached 4.4%, with steady progress achieved in key sectors as part of economic diversification. Agriculture saw an increase of 13.4%, construction grew by 10.3%, trade by 8.2%, transport by 8.1%, and manufacturing by 5.3%, including metallurgy at 7.2%, mechanical engineering at 6.9%, chemical production at 8.4%, and information and communication at 5.3%,” the report noted.The prime minister highlighted that economic growth this year was primarily driven by the non-oil sector, which expanded by 5.1%. However, the shortfall in oil production targets dampened overall performance.Efforts to support domestic manufacturers and boost the processing of goods led to a 10.2% increase in processed goods exports, reaching $23.3 billion. Meanwhile, imports decreased by 3.3%.Investment in fixed capital grew by 3.1%, with the most significant increases recorded in non-resource sectors.President Tokayev was briefed on plans to further stimulate economic activity and improve living standards across the regions. He instructed the government to sustain positive growth in manufacturing, agriculture, construction, and transport. Specific directives were issued to attract investment, modernize social and engineering infrastructure, encourage import substitution, and maintain price stability for socially important food products.Earlier, the National Bank of Kazakhstan revised its economic growth and inflation forecasts for 2024. The GDP growth outlook was raised to 4-4.5%, up from the earlier projection of 3.5-4% in August. The forecasts for 2025 were adjusted to 4.5-5.5% (previously 5-6%), while projections for 2026 were revised to 4.6-5.6% (down from 4.9-5.9%).Meanwhile, the World Bank forecasts Kazakhstan’s GDP to grow by 3.4% in 2024. (ICE ALMATY)

Fonte notizia: INTERFAX