Macroeconomic Conditions
GDP Dynamics, KZT trillion over the period
Kazakhstan’s nominal GDP for 2024 amounted to KZT 134.25 trillion, representing an increase of 11.4 % compared to the previous year. In real terms, GDP grew by 4.8 %. The highest growth rates were recorded in agriculture (+13.3 %), construction (+13.1 %), and trade (+8.8 %). Meanwhile, the mining industry experienced a decline in output of 0.3 %.
Industrial Output, KZT trillion over the period
In 2024, industrial output in Kazakhstan reached KZT 50.1 trillion, including KZT 22.2 trillion in the mining sector and KZT 24.5 trillion in the manufacturing sector. Real growth in industrial production stood at 2.8 %, with a 0.2 % decline in the mining industry and a 5.9 % increase in manufacturing.
Export and Import of Goods, USD billion over the period
Kazakhstan’s exports declined from USD 80.3 billion to USD 80.1 billion, primarily due to deteriorating conditions in global commodity markets. Meanwhile, imports increased from USD 60.4 billion to USD 61.2 billion. The growth in imports coupled with the decrease in exports led to a reduction in the country’s positive trade balance – from USD 20.2 billion to USD 18.9 billion
Average Monthly Nominal Salary, KZT thousand
The average monthly salary increased from KZT 360.8 thousand in 2023 to KZT 402.6 thousand in 2024. In real terms, wages grew by 2.7 %, compared to 2.3 % in the previous year.
Consumer Inflation, year-on-year, %
In 2024, the pace of consumer inflation declined significantly compared to the previous year: the Consumer Price Index (CPI) for January-December 2024 stood at 108.7 %, down from 114.5 % for the same period in 2023.
Food prices rose by 6.0 %, non-food items by 7.9 %, and paid services by 13.5 %.