The Economy of Kazakhstan Expands by 3.9% in January

Kazakhstan’s Economy Grows at 3.9% in January, Government Sets Sights on Stable Growth and Business Support

Kazakhstan’s economy grew at a rate of 3.9% in January, with the construction sector, transport and warehousing, information and communications, and manufacturing being the highest contributors to growth. Preliminary results showed that foreign trade turnover increased by 3.2% to $140 billion last year, with exports nearing $79 billion and imports exceeding $61 billion.

The government has set its priority task for the current year as ensuring stable economic growth at a rate of 6%. In addition to this, the government aims to support the development of medium-sized businesses by reviewing the state support system and accelerating the conclusion of agreements with successful medium-sized enterprises.

President Kassym-Jomart Tokayev’s statement about last year’s value-added tax (VAT) not being refunded to businesses was highlighted by Prime Minister Olzhas Bektenov as a result of incorrect planning. The government continues to prioritize containing price increases and aims to maintain inflation within the range of 6-8% this year.

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