Kazakhstan's GDP growth by end of 2023 is close to 5% - Prime Minister

ASTANA. Dec 28 (Interfax) - The economic growth of Kazakhstan in 2023 is expected to be about 5%, Prime Minister Alikhan Smailov said.

"Despite the unfavorable factors prevailing on the global market, this year the country's economy is growing steadily. At the end of last year, GDP growth reached 3.2%, while over the 11 months of this year, it is estimated at 4.9%. By year-end, GDP growth is expected to be close to 5%," Smailov said in an interview with the 24KZ TV channel.

He added that all major sectors of the economy are displaying positive dynamics. In construction growth reached 13%, in trade, it was 11%, and in the communications sector, 8%.

"The main driver of economic growth is investment. The volume of investment in fixed capital increased 15% to 15 trillion tenge," the prime minister said.

One of the main challenges of this year was inflation, he said.

"We expect that by the end of the year the inflation rate will be at 9.8%. This means it will have decreased by half. Next year we will continue to work on reducing inflation to the 6-8% level," the Prime Minister said.