Kazakhstan Reports 3% GDP Growth as Non-Oil Sectors Expand
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Kazakhstan's GDP grew by 3% in the first quarter, according to First Vice Minister Azamat Amrin. The growth occurred without contributions from the oil sector. Key sectors driving this growth include construction, transport services, and manufacturing.
Sectoral Growth
The real sector grew by 2.1%, while service production increased by 3.7%, according to Amrin. Construction, transport services, and manufacturing showed the highest growth. Trade rose by 4.8%, communication services by 3.9%, and agriculture by 3.4%. Investments in fixed capital increased by 6.4%, totaling 3.5 trillion tenge, with private investments rising by 20.9%.
Investment Trends
Investments in electricity, gas, steam, and hot water supply increased 2.5 times, while information and communication investments doubled. Agricultural investments rose by 70.6%, trade by 28.2%, and manufacturing by 21.6%. Significant investment growth was observed in Zhambyl, Turkestan, Almaty, East Kazakhstan, and Ulytau regions. However, declines were noted in Kostanay, Mangystau, Karaganda regions, Shymkent city, and Zhetysu region.
What's Next
The government aims to continue diversifying the economy to ensure sustainable growth. It remains uncertain how the reduction in oil sector contributions will impact overall economic stability.
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Kazakhstan Reports 3% GDP Growth as Non-Oil Sectors Expand
