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Strategies outlined by Kazakhstan for attaining 6% economic expansion

Discussed factors driving the nation's GDP growth during the initial five months of this year with Vice-Premier-Minister of National Economy, Serik Zhumangarin.

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Discourse at the session with Vice-Premier and Economy Minister Serik Zhumanazarov centered around...
Discourse at the session with Vice-Premier and Economy Minister Serik Zhumanazarov centered around the key contributors to the upward trajectory of the nation's GDP within the initial five months of the year.

Strategies outlined by Kazakhstan for attaining 6% economic expansion

Firing Up the Economy: A Look at Sector Growth and Strategies

At a meeting with Serik Zhumanjarov, Minister of National Economy, the discussion centered around the key drivers of economic growth and strategies to intensify sector development.

Industry continues to dominate the economic landscape, contributing 25.7% to the GDP in 2024. A impressive 6.4% growth was recorded in the sector during the first five months of 2025.

The meeting also touched upon the potential growth in other segments, such as machinery, food, chemical, and oil refining industries.

Construction is another sector exhibiting active growth. With a whopping 15.4% increase over the last five months, the volume of work reached an impressive 2 trillion tenge.

In residential construction, the aim is to commission 19 million square meters of housing this year. As of May, 6 million square meters have been commissioned, marking a 5.7% increase compared to the same period in 2024.

"To achieve 6% GDP growth this year, every real economy sector must operate in sync with set indicators," stated Serik Zumanjarov. "It's essential to eliminate administrative hurdles promptly and develop clear monthly plans for each sector experiencing slow growth, allowing companies to boost output."

To grasp the current indicators and strategies for GDP growth in key sectors, we need to take a closer look at recent economic trends and forecasts.

  • GDP Growth: Although the U.S. GDP shrank by 0.2% in the initial quarter of 2025, it's estimated to recover in the subsequent quarters.
  • Manufacturing and Machinery: While new orders for manufactured durable goods experienced a 9.2% surge in March 2025, potential challenges like fluctuations in global demand and supply chain disruptions could impact machine industry growth.
  • Food Sector: General economic conditions, like inflation and consumer spending, have an impact on the food sector's overall performance.
  • Chemical Sector: The chemical industry is influenced by global economic conditions, as price swings in raw materials and demand can affect its performance.
  • Oil Refining: Factors such as global energy prices, energy policies, environmental regulations, and geopolitical events impact the growth of the oil refining sector.
  • Construction: Residential construction is predicted to rebound in 2025, with a more pronounced expansion in 2026. Infrastructure spending is also anticipated to increase, bolstered by government initiatives and digital transformation needs.

Strategies for Growth

Machinery and Manufacturing

  • Investing in technology to improve efficiency and productivity via automation and digital technologies.
  • Diversifying supply chains to minimize risks and ensure consistent demand.

Food Sector

  • Emphasizing sustainable practices to appeal to environmentally conscious consumers and lower costs.
  • Diversifying product offerings to cater to various consumer preferences.

Chemical Sector

  • Innovating production methods to create more efficient, environmentally friendly processes.
  • Expanding into emerging markets to discover new growth opportunities.

Oil Refining

  • Investing in renewable energy technologies to transition away from dependence on fossil fuels.
  • Implementing energy-efficient practices to reduce operational costs.

Construction

  • Adopting green building technologies to attract environmentally conscious clients and achieve long-term cost savings.
  • Participating in government-backed infrastructure projects for steady revenue streams.

In summary, several sectors are exhibiting contrasting trends due to economic uncertainties. Adopting strategies focusing on innovation, sustainability, and market diversification will contribute to long-term success.

The meeting between Serik Zhumanjarov and the Minister of National Economy discussed the potential growth in various sectors like machinery, food, chemical, and oil refining industries, indicating a focus on business growth and finance.

Striving to boost the output in every sector and achieve 6% GDP growth this year, as stated by Serik Zumanjarov, requires eliminating administrative hurdles and developing clear monthly plans in sectors experiencing slow growth, reflecting an emphasis on finance and business strategy for growth.

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