Deputy Prime Minister-Minister of National Economy Nurlan Baibazarov reported on the results of socio-economic development of Kazakhstan for 11 months of 2024 at the Government session. The country's economic growth was 4.4%. Growth in the real sector was 5%, production in the services sector increased by 4.5%, primeminister.kz reports.
According to Nurlan Baibazarov, the main contribution was made by the non-oil sector with growth of 5.1%. Improved dynamics is observed in agriculture, manufacturing, construction, trade and transport. Among the sectors, agriculture and construction showed the highest growth. Trade grew by 8.2%, transport services - by 8.1%, manufacturing - by 5.3%. Trade, manufacturing, agriculture and construction accounted for more than 70 per cent of GDP growth.
Fixed capital investment grew by 3.1 per cent. The largest investment growth is observed in non-resource industries. The volume of investments increased in education by 2.2 times, scientific and technical activities - by 42.1%, transport - by 27.2%, manufacturing industry - by 18%. The best indicators are noted in Karaganda, Pavlodar, Turkestan, Almaty regions and Zhetisu," Deputy Prime Minister said.
At the same time, a significant decrease in investment is observed in Atyrau, Akmola, Mangystau and Aktobe regions.
Nurlan Baybazarov also added that in January-October this year foreign trade turnover totalled $116.9 billion. Exports amounted to $68.5 billion, including exports of processed goods - $23.3 billion. Imports of goods amounted to $48.4 billion. Positive trade balance increased by 33.4% to $20.1 billion.
The manufacturing industry maintained positive growth rates. Manufacturing output accelerated to 5.3 per cent. Growth was recorded in 14 regions. The largest increase is noted in Kyzylorda, Mangystau, Turkestan, Karaganda regions. Growth in the manufacturing industry was mainly due to the growth of production in metallurgy by 7.2% and mechanical engineering by 6.9%. In addition, production in the chemical industry increased by 8.4%, pharmaceutical products by 21%, food products by 2.1%, metal products by 29.5% and furniture by 12.8%," the Minister of National Economy announced the data.
Meanwhile, output growth in the mining industry slowed to 0.1 per cent. This was due to a decrease in oil production by 2% and natural gas production by 0.3%. Meanwhile, metal ore production increased by 7.9 per cent and coal production by 1.9 per cent.
Construction shows a high growth rate of 10.3%. High indicators are provided due to the implementation of four large-scale initiatives of the Head of State on housing construction, construction of transport and social infrastructure, as well as modernisation of engineering networks. Positive dynamics was recorded in 18 regions, with the greatest growth in construction and installation work in Kyzylorda, Karaganda, Turkestan regions, as well as in Zhetisu. Decrease in construction is noted in Atyrau and Mangystau regions," Nurlan Baybazarov reported.
As for the commissioning of housing, 16.3 million square metres were commissioned in January-November this year, which is 8.3% more than the same period last year. The highest indicators are observed in the city of Shymkent, as well as Pavlodar, Turkestan, Kyzylorda regions, as well as Ulytau region.
Gross output of agricultural products increased by 13.4 per cent. The main factor of growth was crop production. Thanks to the completion of the main harvest, the indicator increased by 19.9%. Akmola, North Kazakhstan, Pavlodar and Kostanay regions are in the lead.
As part of ensuring economic growth, central and local executive bodies need to focus on the following measures:
- to strengthen control over the utilisation of budget funds in construction, to complete the construction of rental housing and roads;
- ensure completion and commissioning of planned investment projects in the manufacturing industry by the end of this year;
- to strengthen control and utilisation of funds allocated for housing construction and support of machine building;
- administrators of budget programmes to ensure full utilisation of funds;
- ensure uninterrupted transport and sale of grain, including for export.
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