ASTANA – The Statistics Committee of the Ministry of National Economy of the Republic of Kazakhstan reported that the country's Gross Domestic Product (GDP) grew by 5.2% based on 2024 results. This indicator represents the highest growth rate in the last three years.
Main Drivers of Growth
According to expert analysis, several significant factors influenced economic growth:
- Industrial sector – showed 6.8% growth, mainly due to manufacturing industry
- Construction sector – 7.2% growth, resulting from increased investment in residential construction
- Service sector – 4.5% growth, especially in IT and telecommunications sectors
- Agriculture – 3.9% growth, thanks to good yields of rice and wheat
"2024 was a successful year for Kazakhstan's economy. We continued structural reforms and paid great attention to economic diversification" – Minister of National Economy Alibek Kuantyrov
Sector Analysis
Manufacturing Industry
Manufacturing industry grew by 8.3% compared to the previous year. This indicator is mainly associated with the development of food industry, chemical industry, and machine-building sectors. The launch of new production facilities also yielded positive results.
Construction Sector
The construction sector has been one of the fastest-growing industries in recent years. In 2024, 14 million square meters of housing were built in the country, which is 15% more than in 2023. The government continues to support residential construction.
Service Sector
The service sector, especially the digital economy segment, is actively developing. The number of new startups in the IT industry increased by 23% compared to last year. E-commerce turnover grew by 35%.
Expert Opinions
Doctor of Financial and Economic Sciences, Professor Murat Bekenov positively assesses the pace of economic growth:
"Kazakhstan's economy is on a steady growth trajectory. These indicators show that we are moving in the right direction. However, it is necessary to consider external market risks in the future."
Forecast for 2025
According to forecasts by the government and independent experts, economic growth in 2025 is expected to be in the range of 4.8-5.5%. To achieve these indicators, the following measures are planned:
- Expanding support programs for small and medium businesses
- Increasing investments in innovative projects
- Continuing infrastructure development projects
- Stimulating exports and entering new markets
- Investing in human capital and improving education quality
International Organizations' Assessment
World Bank representatives positively assessed Kazakhstan's economic indicators. In its latest report, the organization called Kazakhstan the leader in economic development in the Central Asian region.
The International Monetary Fund (IMF) also supported Kazakhstan's structural reforms and provided a forecast of stable growth for 2025-2027.
Conclusion
The results of 2024 demonstrate the stability of Kazakhstan's economy and its potential for development. However, it is important to consider factors such as external market instability, geopolitical risks, and climate change.
The government announced that it will continue work on economic diversification, innovation implementation, and improving the population's living standards. Experts predict stable economic growth and improvement in people's well-being in the coming years.
