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<\/a><\/p>\nJuly 27 meeting of the government\u2019s economic growth headquarters, chaired by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin, gathered officials to review the progress across key industries. Photo credit: PM\u2019s press service.<\/p>\n
The strategy was at the center of a July 27 meeting of the government\u2019s economic growth headquarters chaired by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin, where officials reviewed progress across key industries and outlined priorities for the remainder of the year.<\/p>\n
Shifting the growth model<\/p>\n
The government\u2019s emphasis on non-resource industries reflects a broader effort to reduce Kazakhstan\u2019s dependence on hydrocarbons. While oil continues to play a central role in the economy, authorities increasingly view construction, manufacturing, logistics and agriculture as the main engines capable of sustaining growth during periods of lower energy output.<\/p>\n
Sobir Kurbanov.<\/p>\n Analysts note, however, that expanding output alone will not be enough to transform the economy. Analyst and policy expert Sobir Kurbanov argued<\/a> that many regional value chains remain underdeveloped despite their potential.<\/p>\n \u201cValue chains are there, but neither competitive nor complementary,\u201d Kurbanov said, pointing particularly to agriculture and tourism. According to him, fragmented production, weak logistics, inconsistent standards and limited regional coordination continue to prevent Central Asia from developing cross-border industries capable of generating higher-value exports and creating sustainable jobs.<\/p>\n According to Zhumangarin, construction also remains the fastest-growing sector, with officials expecting strong performance through the first seven months of the year. The highest growth is projected in the Ulytau, Abai and Kyzylorda regions, supported by ongoing infrastructure investment.<\/p>\n Manufacturing has also emerged as one of the strongest contributors to economic expansion. Industrial output increased by 9.8%, driven by machinery<\/a> production<\/a>, which rose 23.2%, chemicals (19%), food processing<\/a> (14.7%) and light industry, where production nearly doubled with an 89.2% increase. Authorities expect this momentum<\/a> to continue in the coming months.<\/p>\n Domestic demand and logistics<\/p>\n Trade has remained another important pillar of growth. Total trade turnover reached 36.2 trillion tenge (US$67 billion), while the physical volume index rose 5.7% during the first half of the year. To sustain this trajectory, regional authorities have been instructed to accelerate the implementation of regional trade development roadmaps, including the launch of new investment projects.<\/p>\n Transport presents a more mixed picture. Although overall freight volumes continue to grow, expansion has been constrained<\/a> by lower shipments of oil and natural gas. In response, the government plans to place greater emphasis on Kazakhstan\u2019s role as a Eurasian transit corridor by maximizing rail and road transport capacity.<\/p>\n Agriculture\u2019s expanding role<\/p>\n Agriculture is expected to remain another important contributor to economic growth this year, supported by the ongoing harvest campaign, livestock development and record levels of concessional financing for the agricultural sector.<\/p>\n<\/a><\/p>\n