Foreign trade turnover for Kazakhstan reached $91.7bn from January to August 2024, with exports experiencing a growth of 3.3%. The positive trade balance expanded by 34.8%, totaling $15.4bn, indicating a healthy trade environment for the nation.
In a meeting with Prime Minister Olzhas Bektenov, President Kassym-Jomart Tokayev reviewed the socio-economic development indicators for the third quarter of the year. The report highlighted a GDP growth of 4%, driven largely by the performance of the non-resource sector. Agriculture saw the most significant growth at 11.4%, followed by construction at 10.1%, and transport, communications, and trade, which reported increases of 8%, 6.4%, and 6.3%, respectively. Manufacturing also demonstrated resilience with a growth rate of 4.8%, marking increases in production across 14 regions.
The Prime Minister informed Tokayev that the state budget received UZS 14.9 trillion ($30.56bn), with a strong focus on fulfilling social obligations. The president emphasized the importance of these commitments in the overall expenditure structure.
Additionally, Tokayev was updated on ongoing efforts to recover illegally acquired assets. Since the beginning of the year, the Commission has approved agreements for asset recovery amounting to approximately KZT 450bn ($923.1mn), with KZT 265bn ($543.6mn) successfully converted into state revenue, including KZT 177bn ($363.1mn) in cash. These recovered funds are directed toward socially significant projects, including initiatives for the rehabilitation of vulnerable groups and the construction of a cultural and educational center and a sports arena.
The meeting also covered the outcomes of the recent Council of Heads of Government of the Shanghai Cooperation Organization member states held in Islamabad. President Tokayev underscored the necessity for the government to intensify efforts to ensure sustainable economic growth through diversification, support for small and medium-sized enterprises, innovation in the agro-industrial sector, and the implementation of significant industrial and infrastructure projects.
