12 Mar 2024 13:13

Kazakhstan's GDP grew 4.2% in 2M

ALMATY. March 12 (Interfax) - Kazakhstan's GDP grew 4.2% year-on-year in January-February.

Growth accelerated from 3.9% in January. "There has been growth [this year] of 5.1% in the real sector and a 3.5% rise in the service sector," National Economy Minister Nurlan Baybazarov said at a government meeting on Tuesday.

The construction, information and communications, transport and warehousing, as well as manufacturing showed the highest growth rates among sectors.

Capital investment growth surged to 7.9% from 0.6% in January, with notable increases seen in the construction, education, transport and warehousing, information and communications and manufacturing sectors.

"Preliminary results show that in January, foreign trade exceeded $10 billion. Exports reached around $6 billion, including $1.6 billion from manufactured. Imports surpassed $4 billion, resulting in trade surplus of $1.7 billion," Baybazarov said.

Growth accelerated in the manufacturing industry, with significant increases in machine building by 23%, the automotive industry by 21% and electrical equipment production by 45%. Additionally, growth was noted in metallurgy, chemical and light industries, as well as in the production of metal products, building materials and furniture.

"Production in the mineral resource industry rose by 1.9%, driven by a 7.2% increase in metal ore mining, a 1.2% rise in gas production and a 0.4% growth in oil production. Other minerals experienced a 2.9% increase. However, coal production declined by 4.1%," Baybazarov said.