ASTANA, Kazakhstan, April 11. The Asian Development Bank has published forecasts for growth in manufacturing in Kazakhstan for 2024 and 2025, Trend reports.
According to the prediction, manufacturing would grow by 3.9
percent in 2024 and 3.7 percent in 2025, boosted by government
attempts to stimulate investment inflows.
Furthermore, ADB forecasts Kazakhstan's GDP growth to reach 3.8
percent in 2024 and 5.3 percent in 2025.
Meanwhile, Kazakhstan's manufacturing output reached 21.6 trillion
tenge (about $48 billion) in 2023. Thus, manufacturing volume
increased by 4.1 percent compared to 2022 (20.7 trillion tenge, or
almost $46 billion).
It was accomplished through expansion in mechanical engineering
(25.4 percent), woodworking (38 percent), the light industry (12.2
percent), and the building sector (6.1 percent).
Moreover, the volume of investments increased by 11.2 percent and amounted to 1.7 trillion tenge (about $3.77 billion).
The growth was achieved through investments in the production of other vehicles by 7 times, clothing by 5.6 times, furniture by 4 times, and in the automotive industry by 3.5 times.
At the end of 2023, 170 investment projects worth 928 billion
tenge (about $2 billion) had been initiated, creating more than
12,000 jobs. Exports of manufacturing products totaled $25.3
billion.
Furthermore, the manufacturing industry is expected to implement
approximately 180 projects totaling approximately 1.3 trillion
tenge (approximately $2.9 billion) this year, creating
approximately 17,800 new jobs.