According to data from the Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan (hereinafter – BNS), the real economic growth in the first half of 2024 amounted to 3.2%. The goods production sector grew by 3.5%, and the services sector grew by 3.4%.
In the structure of the Gross Domestic Product (hereinafter – GDP), the share of the trade sector is dominant (16.0%), followed by mining (14.0%), manufacturing (12.4%), real estate operations (8.4%), and construction (5.1%). In terms of annual contribution, the trade and manufacturing sectors contributed the most to economic growth, with 0.7 percentage points (hereinafter – pp), followed by transport and construction sectors with 0.4 pp each, and the communication sector with 0.2 pp.
According to BNS data as of October 1, 2024, the number of active legal entities in the country amounted to 419,999 units (compared to 421,205 units at the end of the first half of 2024). BNS classifies legal entities into small, medium, and large enterprises based on their average annual number of employees. Out of the total number of active legal entities 97.9% are small businesses, 1.6% are medium-sized businesses, and 0.6% are large businesses.
In the first half of 2024 enterprises in the country generated revenue from the sale of products and services totaling 42.7 trillion tenge, and the pre-tax profit amounted to 8.2 trillion tenge.
The most profitable regions are Almaty (31% of total profit), Astana (21.8%), Atyrau Region (18.6%), Mangystau Region (6.6%), and Turkestan Region (6.1%). In contrast, Ulytau Region showed a loss, where medium and large enterprises reported a loss of 914 billion tenge, while small enterprises, on the other hand, showed a profit of 12.1 billion tenge.
In terms of profitability by industry, the most profitable sectors are trade (26.8% of total profit), mining (23.1%), construction (13.8%), financial activities (11.2%), and transport (7.1%).
Thus, GDP growth indicates the gradual recovery and strengthening of key sectors.
The contributions of the trade and manufacturing sectors are particularly significant, underscoring the importance of diversifying the economy and supporting the non-extractive sector. The average annual growth rate of active legal entities from 2000 to 2023 was 6.2%. Despite minor difficulties in certain regions, the positive dynamics in other areas demonstrate the ability of businesses to adapt and grow under various economic conditions. Kazakhstan is confidently moving toward further strengthening its economy, creating a solid foundation for continued growth in the second half of the year.
Additionally, it is worth noting the state’s contribution to ensuring the growth and stability of the national economy. Currently, there is a significant number of government support measures that provide financing to small, medium, and large businesses on terms below market rates. This offers businesses a substantial opportunity for growth at a reduced cost of production.
