The Eurasian Development Bank predicts a decrease in inflation in Kazakhstan

According to a report by the Eurasian Development Bank (EDB), the Kazakh economy grew by 5.6% in January 2023. The recovery of the service sector was a significant contributor to this growth, with a growth rate of 7.6%. The trade and information and communications industries showed the highest growth rate due to the decrease in output observed a year earlier. The production of goods also increased, by 2.3% compared to January 2022, with agriculture seeing a 3.3% increase and construction growing by 12.5%. Investment activity continued to gain momentum, with an 18.3% growth in investments in fixed assets. The mining industry, agriculture, the real estate sector, and transport and warehousing were the most active in attracting investments. The EDB report forecasts that Kazakhstan’s GDP may increase by 4.2% in 2023.