Kazakhstan's economy grows 5% in 2024, beating expectations

Kazakhstan's economy expanded by 5% in 2024, outpacing the earlier forecast of 4.8%, according to the Ministry of National Economy.

Growth was primarily fuelled by the non-oil sector, which benefited from government-led support initiatives and infrastructure investments. Revised data from the Bureau of National Statistics show that manufacturing output jumped 6.8%, marking the sector’s best performance since 2011.

Construction surged 15.3% and agriculture rose 13.7%, while the services sector grew by 4.6%, bolstered by a 9.4% increase in transportation and warehousing activities.

The Ministry attributed the better-than-expected economic outcome to policies aimed at diversifying the economy. These included enhanced access to finance, improved logistics, and measures to stimulate investment across key sectors.

“The growth was made possible through support measures for the real sector, the development of transport and logistics infrastructure, stimulation of investment activity, and improved access to financial instruments,” the ministry said in its press release.

Officials also credited stronger domestic demand and business activity for reinforcing the country's productive capacity.

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