GDP growth reached 4.4% over the past 11 months.

Astana. December 18. KAZAKHSTAN TODAY - According to preliminary estimates, the GDP growth for the first 11 months reached 4.4%, primarily driven by the development of the non-oil sector. This information was provided by the government press service.

Over 70% of the economic growth was attributed to the manufacturing industry, trade, agriculture, and construction. The sectoral dynamics are as follows: agriculture saw a gross output increase of 13.4%, the highest rate since 2011; construction grew by 10.3%; trade by 8.2%; transport services by 8.1%; communications by 5.3%; and the manufacturing industry by 5.3%. Overall, during this period, the production of domestic goods increased by 5%, and services provided grew by 4.5%. The volume of investments in fixed capital rose by 3.1%, reaching 15.8 trillion tenge.

The foreign trade turnover for the first 10 months amounted to $116.9 billion. Exports of Kazakhstani goods grew by 5.1%, amounting to $68.5 billion in monetary terms. Meanwhile, the export of processed goods increased by 10.2%, reaching $23.3 billion. The steady growth of non-raw material exports is largely associated with increased supplies of Kazakhstani goods to China and Turkey, as well as an expanded presence in European markets.

The volume of exports to China increased by 5.3%, totaling $12.3 billion. This was facilitated by active collaboration between the government and businesses. To enhance the recognition of domestic products among Chinese consumers, Kazakhstani companies participated in the largest and most popular exhibitions: CIFTIS, CIIE, Digital Expo, and others. Efforts were intensified to promote goods on electronic platforms through national pavilions on jd.com, Doiyin, Alibaba, where streaming events were also organized.

The growth of export flows to EU countries such as Ireland, Switzerland, and France indicates diversification. At the same time, the increase in non-raw material exports to neighboring countries like Kyrgyzstan and Tajikistan highlights the importance of the Central Asian region for Kazakhstan's trade.

Service exports also rose by 10.5%, reaching $8.4 billion. The driving sectors in this area include transportation, IT, financial, and other business services.

Meanwhile, imports during the reporting period decreased by 3.3%. The result of the increased export volumes, coupled with a decline in imports, led to a 33.4% rise in the positive trade balance of the economy, which amounted to $20.1 billion.

As a result of the measures taken, inflation this year has decreased, standing at 8.4% year-on-year in November. In the corresponding period of 2023, inflation was at 10.3%.