Kazakhstan’s PM Reports Economic Growth and Social Policy Progress to President Tokayev
Astana, The Gulf Observer: Prime Minister Olzhas Bektenov reported to President Kassym-Jomart Tokayev on the fulfillment of key tasks aimed at ensuring economic growth and improving social policy, according to the Akorda press service.
Bektenov noted that from January to November 2024, Kazakhstan’s GDP grew by 4.4%.
As a result of economic diversification, significant growth was recorded in several key sectors: agriculture – 13.4%, construction – 10.3%, trade – 8.2%, transport – 8.1%, processing industry – 5.3%, metallurgy – 7.2%, machine-building – 6.9%, chemical industry – 8.4%, and information and communication – 5.3%.
The Prime Minister highlighted that economic growth in 2024 was primarily driven by the development of the non-oil sector, which expanded by 5.1%. However, the failure to achieve projected oil production targets negatively impacted the overall pace of economic development.
Measures to support domestic producers and encourage deep processing led to a 10.2% increase in exports of processed goods, reaching USD 23.3 billion, while imports of goods decreased by 3.3%.
Investments in fixed capital rose by 3.1%, with the most substantial growth observed in non-resource sectors.
The President was also briefed on plans to further enhance business activity and improve the quality of life in regional areas.
Upon concluding the meeting, President Tokayev assigned several tasks to the Prime Minister. These include:
- Maintaining positive dynamics in the processing industry, agriculture, construction, and transport sectors,
- Attracting further investments,
- Modernizing social and engineering infrastructure,
- Ensuring import substitution, and
- Controlling price stability for socially vital foodstuffs.
