National Bank forecasts economic growth in nearest 3 years

NUR-SULTAN. KAZINFORM Kazakhstan’s GDP rose by 4.4% in January-April 2022. Growth is observed in major sectors of economy, Kazinform has learned from the National Bank of the Republic of Kazakhstan.

According to National Bank Governor Galymzhan Pirmatov, economic growth is ensured by high raw materials prices and removal of quarantine restrictions. The global geopolitical situation and the accident at the CPC pipeline did not heavily affect the country’s economy.

He said that consumer demand shows positive dynamics too. Retail sales, namely in food and non-food products, are rising.

«We forecast that economic growth in 2022 will be at 2.8-3.8% due to preservation of a positive dynamics in all major sectors of economy. Nevertheless, the geopolitical crisis, the weakening of external demand and changes in supply chains will hold down the rates of economic growth, the Governor of the National Bank added. The problems of access to international export markets caused by the current geopolitical uncertainty may pose a risk to Kazakhstan’s GDP growth.

In 2023, we expect acceleration of GDP growth up to 3.5-4.5% upon normalization of the export and import supply chains, external demand rise and lowering of economic uncertainty. The rise will be maintained by the ramp-up in energy resources production and internal demand.

In 2024, the country will also see economic rise amid significant production increase and implementation of large oil and gas projects.