Kazakhstan's economy expands 3.9% in Jan - Economy Ministry

ASTANA. Feb 13 (Interfax) - The economy of Kazakhstan grew 3.9% in January 2024, Minister of National Economy Nurlan Baibazarov said.

"The economy of Kazakhstan grew 3.9% in January 2024. The real sector expanded 3.8%, and the services sectors rose 3.5%," the minister said at a Tuesday meeting of the government.

Kazakhstan's GDP increased 5.1% in 2023 and 3.1% in 2022.

The construction sector grew 13.3% in 2023, while trade increased 11.3%, the services, information and communication sector grew 7.1%, the transport industry grew 6.9% and industrial production rose 4.3%.

The country's international reserves totaled $96 billion in 2023, which included $60 billion in assets in the National Fund.

The government of Kazakhstan expects GDP to grow 5.3% in 2024.

The economy of Kazakhstan will grow 4.3% in 2024 and 4.5% in 2025, the World Bank says. The International Monetary Fund forecasts that the economy will grow 3.1% and 5.7%, respectively.