BAKU, Azerbaijan, April 5. Kazakhstan’s GDP growth is expected to slow to 3.1 percent in 2024, reflecting stable oil production given the deferred expansion of the Tengiz oil field, a source at the IMF Spokesman's office told Trend.
"Over the medium term, non-oil growth would stabilize around its estimated potential of 3–3.5 percent, assuming accelerated reform implementation," the source said.
According to the IMF, since the expansion of production at the Tengiz oil field has been delayed, it is expected to be a key driver of the growth acceleration projected in 2025, to about 5.7 percent.
As KazMunayGas told Trend earlier, a project to expand production at the Tengiz field will be launched in 2025. The project would expand production from about 12 million tons per year (260,000 b/d) to about 39 million tons per year (850,000 b/d).
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 nine months of 2023, $19.7 billion of foreign direct investment was attracted.
As per the country's National Bank forecast, Kazakhstan's GDP growth in 2025 will stand at 5.5-6.5 percent, and in 2026 - at 3.5-4.5 percent.