EDB revises forecast for Kazakhstan's GDP growth

Kazakhstan Materials 3 June 2023 14:25 (UTC +04:00)
Asmar Bayramova
Asmar Bayramova
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BAKU, Azerbaijan, June 3. The European Development Bank (EDB) expects the GDP growth in Kazakhstan to reach 4.3 percent in 2023, Trend reports.

Compared to the previous forecast, the estimate has been revised upward by 0.1 percentage points, driven by the implementation of additional government measures aimed at mitigating external negative shocks.

Furthermore, Kazakhstan is projected to experience a GDP growth rate of 4.4 percent in 2024-2025.

The full commissioning of the upgraded facilities at Tengiz oil field, expected in 2024, will serve as the foundation for economic growth. Additionally, the easing of monetary policy measures will provide an impetus for increased lending and enhanced economic activity.

According to the EBD, Kazakhstan's economy showed robust growth in the first quarter of 2023, with the country's GDP expanding by 4.9 percent year-on-year (YoY). This marked an improvement compared to the 3.8 percent YoY growth recorded in the previous quarter.

The notable growth was primarily attributed to the revival in the industrial sector.