Kazakhstan’s Real GDP Growth Figures Released

According to the Bureau of National Statistics, Kazakhstan's GDP grew by 3.2% in real terms in the first half of 2024 and amounted to $115.4 billion, Orda.kz reports.

This figure is lower than last year's growth period of 5.3%.

The sectors that showed the most significant growth were Arts, Entertainment and Leisure (+24.4%), Real Estate (+23.1%) and Energy (+19.5%). Public Administration and Defense (+15.4%) and Transportation and Warehousing (+15.2%) also contributed significantly.

The total GDP volume in the first half of 2024 reached 51.85 trillion tenge. The services sector, with a dominant share of 56.7% in the GDP structure, continues to play a crucial role, while the production of goods accounts for 36.2%.

Kazakhstan's economy has been steadily recovering over the past few years, demonstrating resilience after the 2020 recession triggered by the COVID-19 pandemic.

The national plan approved by the president revealed that the overly optimistic expectations for the GDP growth target have been reduced to 5.3%. The government previously claimed it would ensure six percent GDP growth in 2024.

Original Author: Artyom Volkov