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Deputy Prime Minister Nurlan Baibazarov announced at a government meeting chaired by Prime Minister Olzhas Bektenov that Kazakhstan’s economy grew by 3.9% in January. The highest growth rates were seen in the construction sector, transport and warehousing, information and communications, and manufacturing.

The government aims to support the development of medium-sized businesses by reviewing the state support system and accelerating the conclusion of agreements with successful medium-sized enterprises. Preliminary results showed that foreign trade turnover increased by 3.2% to $140 billion last year, with exports nearing $79 billion and imports exceeding $61 billion.

Prime Minister Bektenov emphasized that the government’s priority task for the current year is to ensure stable economic growth at 6%. President Kassym-Jomart Tokayev’s statement about last year’s value-added tax (VAT) not being refunded to businesses was highlighted as a result of incorrect planning by Bektenov.

Inflation is also a major concern for the government, which aims to maintain it within the range of 6-8% this year while continuing to prioritize containing price increases.

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