Kazakhstan’s economy grew by 4.4% in 2024, driven by strategic measures to diversify the economy, attract investments and bolster domestic businesses. Government initiatives focused on expanding the non-oil sector, fostering a favorable investment climate, and supporting small and medium-sized enterprises (SMEs).
Key economic indicators
According to Premierminister.kz, preliminary estimates reveal that more than 70% of economic growth stemmed from manufacturing, trade, agriculture and construction. Agriculture saw a 13.4% surge in gross output—the highest since 2011—while construction grew by 10.3%, trade by 8.2%, transport services by 8.1%, and communications and manufacturing by 5.3% each. Investments in fixed assets rose by 3.1%, reaching 15.8 trillion tenge (US$29,9 billion).
Foreign trade turnover for the year’s first 10 months reached $116.9 billion. Exports increased by 5.1% to $68.5 billion, with processed goods exports rising 10.2% to $23.3 billion. Key markets included China, Türkiye and the European Union, where exports diversified to countries including Ireland, Switzerland and France. Exports to China grew by 5.3%, reaching $12.3 billion, bolstered by Kazakh participation in major trade exhibitions and e-commerce platforms.
Services exports rose 10.5% to $8.4 billion this year, driven by transportation, IT, financial, and other business services.
Imports fell by 3.3%, contributing to a 33.4% increase in the positive trade balance, which reached $20.1 billion. Inflation declined, dropping to 8.4% in November from 10.3% in 2023.