Kazakhstan's economy grows 30% since 2019, Tokayev says

Photo: Akorda

BAKU, Azerbaijan, October 23. Kazakhstan's economy has grown by about 30% since 2019, with GDP per capita exceeding $15,000, said Kazakhstan's President Kassym-Jomart Tokayev during a solemn event dedicated to Republic Day, the presidential press service reports.

Addressing the country's economic milestones, Tokayev highlighted that Kazakhstan's GDP is now approaching $350 billion, securing the nation second place in the CIS and 34th place globally among the most influential economies.

"Within the framework of the 'National Fund for Children' project, $2.5 billion has been transferred to the accounts of 7 million children. Last year, more than 20 million square meters of housing were put into operation—an unprecedented figure. Average life expectancy has approached 76 years, and according to the World Bank, Kazakhstan leads our region in this indicator," he noted.

The head of state emphasized that strengthening the national economy remains a top priority, noting that the share of small and medium-sized enterprises (SMEs) in GDP has reached 40 percent, with nearly half of the country's able-bodied population now working in this sector and building a new business culture.

"In addition, conditions are being created for the development of production based on advanced technologies. Over the past five years, the share of manufacturing exports has exceeded 45 percent, lifting Kazakhstan's industry to a new qualitative level of development," Tokayev stated.

The president further detailed the rapid industrial progress, pointing out breakthroughs in railway engineering—producing everything from rails and sleepers to wagons and electric locomotives—and the automotive sector, which yields over 150,000 passenger cars and trucks annually to drive strategic economic growth.

Highlighting the role of international cooperation, Tokayev noted that large-scale foreign investments have played a vital role in the nation's progressive advancement.

"Over the past seven years, the volume of attracted funds has reached $155 billion. Participation in top-level international events and visits to various countries, aside from strengthening Kazakhstan's political reputation, bring enormous practical benefits. It is significant that since the beginning of the year, 355 commercial agreements have been signed for a total amount of $60 billion," the president emphasized.