Kazakhstan's economic growth of 5% elevates its GDP significantly.
In 2024, Kazakhstan's economy witnessed significant growth, particularly in the processing industry. The non-oil sector, including manufacturing, food processing, and agriculture, played a pivotal role in this expansion.
The non-oil sector was the main driver of growth, with goods production increasing by 6.3% and services by 4.6%. Manufacturing, in particular, experienced a growth rate of 6.8%, the highest since 2011. This substantial rise marked a significant contributor to industrial growth.
Agricultural processing saw notable development, with a Comprehensive Plan for Agricultural Processing Development (through 2028) underway. This plan includes 677 investment projects, 289 of which are focused on reducing import dependencies. This focus has supported increased food production, which rose by 13.7% in 2024.
The processing industry's expansion was further bolstered by targeted state measures, such as those that elevated sunflower oil production by 15%. This increase in production doubled domestic supply and enhanced export capacity, with a 41% increase in early 2025. The construction of five large processing plants, totalling 421,000 tonnes of combined capacity, will further support the processing industry's growth.
Economic growth in 2024 was also facilitated by comprehensive state support measures. These measures included stimulating investment activity, developing transport and logistics infrastructure, and expanding access to financial instruments for businesses.
The transport and warehousing sector grew by 9.4%, higher than the previous growth rate of 8.5%. Domestic trade experienced a growth of 8.9%. The construction sector also saw a growth of 15.3%, higher than the previous growth rate of 13.1%.
Entrepreneurial activity in Kazakhstan has expanded due to the implementation of economic policy. As a result, the processing industry's share of Kazakhstan's GDP reached 12.4% by the end of the year, surpassing the share of the mining industry (12%) for the first time. This indicates a build-up of industrial capacity and the gradual diversification of the economy.
The gross domestic product (GDP) of Kazakhstan grew by 5% in 2024, surpassing the previous estimate of 4.8%. This growth reflects a combination of substantial manufacturing expansion, targeted investment in agricultural processing, increased production capacity, and macroeconomic policies promoting price and currency stability.
In conclusion, Kazakhstan's processing industry growth in 2024 was a result of various factors, including substantial manufacturing expansion, targeted investment in agricultural processing, increased production capacity, and macroeconomic policies promoting price and currency stability. This diversification beyond oil has been instrumental in achieving an estimated 5% GDP growth in 2024 with robust manufacturing performance.
[1] Source: Kazakhstan's State Statistics Committee [2] Source: Kazakhstan's Ministry of Agriculture [4] Source: Kazakhstan's National Bank
The non-oil sector's growth was significantly driven by the manufacturing industry, experiencing a growth rate of 6.8% in 2024, the highest since 2011, contributing to industrial growth. Additionally, the financial sector supported the processing industry's expansion through comprehensive state measures aimed at stimulating investment activity, developing transport and logistics infrastructure, and expanding access to financial instruments for businesses.
