ASTANA, Kazakhstan, March 2. S&P Global Ratings has revealed its GDP growth forecast for Kazakhstan in coming years, Trend reports.
According to forecasts, over the next four years, S&P expects growth will average 3.6 percent annually. A key factor will be the expansion of the Tengiz oil field; the project has been delayed to mid-2025 but should considerably increase oil production once completed.
Thus, Kazakhstan's GDP growth at the end of 2024 will be 3.5 percent, in 2025 - 4.5 percent and in 2026 - 3.4 percent.
Meanwhile, Kazakhstan's economic growth amounted to 5.1 percent in 2023. Last year the volume of investments in fixed capital increased by 13.7 percent and amounted to $39.5 billion, while over the first 9 months of 2023, $19.7 billion of foreign direct investment was attracted.
Due to joint measures of the government, the National Bank and regional akims (heads of regional executive power), the inflation rate was reduced by half to 9.8 percent.
In addition, the volume of foreign trade turnover of Kazakhstan amounted to $139.8 billion from January through December 2023. This is 3.2 percent higher than in the same period in 2022.
Exports totaled $78.6 billion (in nominal terms, 7 percent less than the same time in 2022). At the same time, imports grew by 20.1 percent, totaling $61.1 billion.