Kazakhstan’s Economy Forecast to Grow by More Than 5% Annually
Images | Depositphotos
Kazakhstan’s real GDP is forecast to grow by an average of more than 5% annually between 2027 and 2029, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said at a government meeting.
"Under the baseline scenario, average annual real GDP growth in 2027-2029 is projected at above 5%. Nominal GDP will increase from 199.3 trillion tenge in 2027 to 245 trillion tenge in 2029. Economic growth will be driven by higher output in non-oil sectors. Manufacturing is expected to grow faster than the mining industry," Zhumangarin said.
According to the minister, the main contributors to manufacturing growth will be metallurgy, mechanical engineering, construction materials, the chemical industry and food production.
"Agriculture will also be one of the drivers of economic growth, with average annual growth of at least 5%. In construction, growth is projected to accelerate from 16% in 2027 to 17.3% in 2029. This will be supported by the systematic implementation of projects aimed at further developing transport and logistics, energy and water infrastructure, as well as modernising housing and utilities and social infrastructure," the deputy prime minister said.
The services sector is also expected to maintain steady growth. Trade is projected to expand by an average of 5.7% annually, transport and warehousing by 10.4%, and information and communications by 9.2%.
The government also expects Kazakhstan to maintain a positive trade balance.
"Goods exports are projected to increase from $82.8 billion in 2027 to $88.5 billion in 2029, while imports are expected to rise from $80.5 billion to $88.4 billion," Zhumangarin said.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.