Kazakhstan's Soaring Sectors and Record-breaking Growth in 11 Months of 2023
02.02.2024
In the first 11 months of 2023, Kazakhstan's economy demonstrated robust performance, with the real sector expanding by 3.5% and the service sector surging by 5.6%. Growth is evident across all major industries, with the most significant increases observed in:
Industrial Sector Highlights Manufacturing production volumes grew by 3.4%, with notable increases in:
Significant growth in the manufacturing sector was supported by LLP Hyundai Trans Kazakhstan, reporting a 52% increase in automobile production. The mining industry experienced a 5.2% growth, including:
Despite fluctuations in Brent oil prices, the mining sector demonstrated substantial growth. The volume of completed construction work surged by 12.6%. Over the first 11 months of 2023, 15 million square meters of housing were introduced, marking a 15.6% increase compared to the previous year. In agriculture, the gross output volume decreased by 8.4%, primarily due to adverse weather conditions affecting crop yields and diminishing the overall production of agricultural goods. Total capital investments increased by 14.6% during the period, notably in:
The nearly threefold growth in the information and communication sector was attributed to infrastructure development, equipment upgrades, expansion of production capacities, and investments in new technologies. Kazakhstan's economy showcases resilience and growth across diverse sectors, underscoring the nation's commitment to sustained economic development and technological advancement.
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