Kazakhstan's GDP growth slows to 3.5% amid global economic uncertainty
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Kazakhstan's GDP growth rate has decelerated to 3.5% in the third quarter of 2023. The slowdown is attributed to global economic uncertainty affecting trade and investment. This occurs even as domestic consumption shows signs of resilience.
Economic Performance
Kazakhstan's GDP growth rate reached 3.5% in the third quarter, down from 4.2% in the previous quarter. The Ministry of National Economy reported that sectors such as manufacturing and services experienced slower growth. Meanwhile, the agriculture sector showed a slight increase, contributing positively to the overall GDP. The National Bank of Kazakhstan noted a decrease in foreign direct investment, impacting the economic outlook.
Global Economic Impact
The global economic slowdown has affected Kazakhstan's trade volumes, with exports declining by 2% compared to the previous quarter. The ongoing geopolitical tensions in Europe and Asia have disrupted supply chains, leading to increased costs for Kazakhstani businesses. Additionally, the International Monetary Fund has revised its global growth forecast, further influencing investor confidence in emerging markets like Kazakhstan.
What's Next
The government is expected to announce new economic measures in the coming weeks. It remains unclear how these measures will address the challenges posed by external factors.
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Kazakhstan's GDP growth slows to 3.5% amid global economic uncertainty
