Kazakhstan’s GDP to grow by 5.3% in 2024

Kazakh National Economy Minister Alibek Kuantyrov revealed the forecast for the country’s social and economic development, Kazinform News Agency reports.

The real GDP growth in 2024 is projected to be 5.3% and increase further up to 6% in 2026-2028. The annual average GDP growth over the five years will reach 5.8%. The nominal GDP will grow from 135 trillion in 204 to 218,5 trillion in 2028, he told the Senate sitting.

He added all the basic economic sectors are expected to eye positive dynamics.

The non-oil sector will become one of the key drivers of the projected growth.

The annual industrial growth rates in 2024-2027 are expected to hit 4%, the manufacturing sector will grow by 4.9% on average outstripping the growth of the mining industry. Oil production will exceed 100 million tons thanks to the expansion of the Kashagan, Tengiz, and Karachaganak fields.