Kazakhstan reports 3% GDP growth as non-resource sectors expand
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Kazakhstan's economy grew by 3% in the first quarter of 2023, driven by non-resource sectors and investment activity, Prime Minister Olzhas Bektenov announced. The growth underscores the government's focus on sustainable economic development. This comes even as global economic conditions remain uncertain.
Economic Growth Figures
Kazakhstan's GDP increased by 3% in the first quarter of 2023, according to Prime Minister Olzhas Bektenov. The growth was primarily driven by non-resource sectors, which showed significant expansion. Investment activity also played a crucial role in this economic performance. The government meeting on April 14 highlighted these achievements.
Government Priorities
Prime Minister Bektenov emphasized the importance of high-quality and sustainable economic growth. The development of the manufacturing sector is seen as a key component of this strategy. The government aims to maintain momentum in non-resource sectors to ensure long-term economic stability. This approach is part of a broader effort to diversify the national economy.
Asian Development Bank Forecast
The Asian Development Bank has updated its economic forecast for Kazakhstan, predicting a GDP growth of 4.8% by 2026. This revision comes after a previous estimate in September, which anticipated a slowdown to 4.3%. The forecast is part of the bank's spring outlook for the region.
What's Next
The government plans to continue monitoring economic indicators closely. It remains unclear how external economic pressures will impact future growth.
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Kazakhstan reports 3% GDP growth as non-resource sectors expand
