Kazakhstan’s economy quickly adapted to new external conditions and entered a sustainable growth path

Kazakhstan’s economy has successfully adapted to new external conditions and entered a sustainable growth path this year. According to the results of January-November, this rate was 4.9 percent, while in the same period last year this figure was 2.7 percent. In total, GDP per capita increased from 11.5 thousand dollars to 13.3 thousand dollars.

Annual inflation slowed to 10.3 percent in November from 20.3 percent in December 2022. This was achieved thanks to the implementation of an appropriate set of measures, including 90 operational and medium-term steps.

According to the 6-month results, $13.3 billion of foreign direct investment was attracted, which is a very high figure and guarantees support for economic growth in the medium term. By the end of the year, it is planned to reach the level of about 27 billion dollars.

In all sectors of the economy, 210 new investment projects worth 967.7 billion tenge were implemented, creating 19.5 thousand jobs. In total, 291 projects worth 1.6 trillion tenge are expected to be commissioned by the end of the year.

Production in mechanical engineering is growing at a record pace of 26.8 percent. At the same time, the figures are even higher in the automotive industry and in the production of electrical equipment – about 41 percent and 32 percent, respectively.
This year Kazakhstan exported $65 billion worth of goods. At the same time, exports of processed goods reached $21 billion.

In the IMD global competitiveness ranking, Kazakhstan ranked 37th out of 64 countries, 6 points higher than last year. In the process of preparing the rating, the economy