At a government meeting chaired by Prime Minister Olzhas Bektenov, Kazakhstan's socio-economic development results for January-November 2024 were reviewed, revealing a 4.4% GDP growth. The non-resource sector emerged as the primary contributor to this growth, with significant gains across various industries.
Deputy Prime Minister and Minister of National Economy, Nurlan Baibazarov, highlighted key figures from various sectors, including agriculture, which grew by 13.4%, construction at 10.3%, trade at 8.2%, transport and warehousing at 8.1%, and manufacturing at 5.3%. Positive developments were also reported in the information and communications sectors and the electric power industry.
The PM emphasized that the government's measures to stimulate economic activity had yielded positive results, with growth in agriculture, manufacturing, construction, and transport surpassing annual targets.
In terms of regional performance, the top-performing areas in key macroeconomic indicators were Karaganda, Kyzylorda, Pavlodar, and Turkestan regions, along with the cities of Astana and Shymkent. In contrast, Atyrau, Mangistau, Zhambyl, West Kazakhstan, Akmola, and Ulytau regions reported lower growth rates, prompting the Prime Minister to instruct regional leaders to address the situation.
New approaches for stimulating regional socio-economic development were also highlighted, with a focus on ensuring better coordination in implementing program documents. Deputy Prime Minister Kanat Bozumbayev was tasked with overseeing this effort.
Prime Minister Bektenov underscored the importance of diversifying the economy, attracting investments, and creating permanent jobs. While Kazakhstan has outlined clear strategies for investment growth, he stressed the importance of providing high-quality support for projects and addressing any issues that may arise during implementation.
He also called for closer collaboration between the Ministries of Foreign Affairs and National Economy, as well as other relevant agencies, to ensure smooth support for investment projects. In particular, local authorities were instructed to prioritize infrastructure development and financing for industrial sites to attract high value-added production.
To address the issue of worn-out utility networks, the government has committed to improving the implementation of the "Tariff in Exchange for Investments" program. The Ministry of National Economy and other sectoral agencies have been tasked with monitoring unjustified tariff increases while balancing economic and social factors.
The Ministry of Energy has been directed to strengthen measures to boost oil and natural gas production to meet planned output levels for 2025. Additionally, despite inflation slowing to 8.4% in November, the government will continue to closely monitor price growth using mechanisms like stabilization funds and subsidies.
Prime Minister Bektenov also highlighted the importance of maintaining the positive dynamics of economic growth and instructed ministers and regional leaders to ensure timely and effective use of allocated funds. The Ministry of Finance has been tasked with enhancing oversight of the budget's revenue side, ensuring that funds are properly utilized to support continued economic progress.
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