Real GDP growth in Kazakhstan will reach 4.2-5.2 percent in 2023, according to the country’s National Bank forecast. Such figures are expected to be achieved due to the expansion of domestic demand, increase of exports and implementation of major infrastructure projects. According to the report, business activity in economic sectors has accelerated significantly since the end of February. Thus, in January-April, goods production grew by 4.8 percent and provided services by 4.9 percent, indicating a sustained meeting of the consumer and investment demand supported by government economic development programs. Moreover, domestic demand is expected to continue growing. The high level of household spending will be driven by expected growth in real wages and increased incomes of the population because of an inflation slowdown. Demand from the public sector will also remain strong, while increased investment activity will support the implementation of large infrastructure projects. Exports also contribute to economic growth through increased oil production and external demand in the territory of trading partners.
