Eurasian Development Bank projects GDP increase for Kazakhstan

Kazakhstan Materials 15 February 2023 11:23
Trend News Agency
Eurasian Development Bank projects GDP increase for Kazakhstan

BAKU, Azerbaijan, February 15. The Eurasian Development Bank (EDB) projects the gross domestic product (GDP) in Kazakhstan to increase by 4.2 percent in 2023, Trend reports, citing the monthly economic review issued by the EDB.

"The economic outlook is potentially particularly favorable for Kazakhstan. The country can become one of the beneficiaries of the growth in the consumption of traditional energy resources in the world, including through the expansion of its oil production and processing capacities and the restructuring of global supply logistics," the report summarized.

The report notes that the Kazakh economy expanded by 3.1 percent in 2022, particularly due to the strong performance of agriculture with a 9.1 percent growth, a 9.4 percent increase in construction, as well as the information and communication sector’s increase of 8 percent.

On the other end of the spectrum, the mining industry contracted by 1 percent.

Investment activity also maintained strong momentum, increasing by 7.8 percent in 2022. Mining, real estate, construction, and public administration played a key role in boosting investment.

The Eurasian Development Bank is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment.