Kazakhstan to fuel economic growth through boosting construction and processing sectors

In 2024, the Government of Kazakhstan is set a challenge to fuel at least 6% of economic growth. New Deputy Prime Minister – Minister of National Economy Nurlan Baibazarov says the goal is achievable, Kazinform News Agency reports.

In his words, the main reserves which may additionally contribute to the GDP growth are concentrated in processing, construction, transport and agricultural sectors.

According to him, timely commissioning of new projects in 2024 may contribute to the growth in processing sector.

Growth in construction sector may be achieved due to active construction of social infrastructure, automobile roads, railway lines, implementation of investment projects, modernization of utilities infrastructure as part of “Tariffs in Exchange for Investments” programme. The launch of 9-20-25 housing program may also contribute to the growth.

The development of transport corridors, expansion of deliveries along the Middle Corridor, transit increase, as well as utilization of new terminal capacities should also encourage growth in transport services sector.

Agricultural sector is expected to see growth due to the low base effect.

In January 2024, economic growth paces in Kazakhstan made 3.9%, including 3.8% in real sector, and 3.5% in services sector, he said.

Baibazarov added the biggest growth is observed in construction, transport, warehousing, information and communication sectors, as well as in processing industry.