ASTANA, Kazakhstan, September 27. The European Bank for Reconstruction and Development (EBRD) has improved its GDP growth forecast for Kazakhstan in 2023–24, Trend reports.
Thus, in 2023, according to the bank’s forecasts, Kazakhstan’s GDP growth will be 5 percent, which is 1.1 percent more than the May forecast.
In 2024, GDP growth will also be 5 percent. This figure also exceeds the May forecast, an increase of 0.8 percent.
The bank said that growth in Central Asia, which includes Kazakhstan, is forecast to remain robust, at 5.7 percent in 2023 and 5.9 percent in 2024. Drivers include government spending, China’s demand for commodities, intermediated trade with and exports to Russia, remittances, and the relocation of companies from Russia.
In 2022, Kazakhstan's economy grew by 3.1 percent. Growth in the real sector was 3.2 percent, and in the services sector, it was 2.5 percent. The growth rate of investment in fixed assets amounted to 7.8 percent.
Kazakhstan’s foreign trade turnover in 2022 reached a historically high level of $134.4 billion. The trade surplus amounted to $34.3 billion, which is 82 percent more favorable than in 2021 and four times more than in 2020.