Economic growth remains stable

KAZAKHSTAN - In Brief 13 Dec 2023 by Evgeny Gavrilenkov
The Bureau of National Statistics reported that the short-term indicator grew by 4.8% y-o-y in 11M23, which is more or less on par with the y-o-y growth in the previous periods (4.6% in 9M23 and 4.9% in 10M23 – both y-o-y). This indicator measures economic activity in the six major sectors of the Kazakh economy that cover over 60% of GDP. Construction and trade were the fastest-growing segments (with 12.6% and 11.3% y-o-y growth). The communications and IT segment expanded fast as well (7.6% y-o-y), followed by transportation (7.1% y-o-y). The industry grew by 4.3% y-o-y, while agriculture contracted by 8.4% y-o-y due to a poor harvest. Overall, the general trend didn’t change in November, and the economy is heading toward 4.6%-4.8% growth this year. These are just flash estimates published by the Kazakh Statistical Bureau. We may reconsider our views on the country’s general economic trends (including the 2024 outlook) once a more complete set of statistics becomes available.

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