ASTANA, Kazakhstan, October 19.The Eurasian Development Bank (EDB) believes that industrial output growth in Kazakhstan could reach 3.5–4 percent in the rest of the year, Trend reports.
Industrial output increased by 3.8 percent from January through August 2023, up from 3.6 percent from January through July 2023. Mechanical engineering and oil production remain the basis for growth in the sector.
As the bank explains, government measures implemented within the framework of the industrialization program and the road map for the development of mechanical engineering in 2024 have created incentives for dynamic growth in output in the automotive, railway, agricultural, and technical engineering industries.
The factor of a reduction in oil production a year earlier due to scheduled repair work continued to create strong dynamics in the industry from June through August 2023.
The decline in production in metallurgy had a restraining effect.
Industrial products worth 33.972 trillion tenge (about $70.9 billion) were produced in Kazakhstan from January through September 2023.
These products were produced in the mining industry for 15.925 trillion tenge, or about $33.2 billion (46.9 percent of the total volume), and in the manufacturing industry for 15.890 trillion tenge, or about $33.16 billion (46.8 percent).
Production growth is observed in the mining and quarrying industry by 5.4 percent, the manufacturing industry by 3.2 percent, the supply of electricity, gas, steam, hot water, and air conditioning by 5.1 percent, the collection, processing, and disposal of waste, and pollution elimination activities by 5.6 percent.
In the mining and quarrying industry from January through September 2023, the index amounted to 105.4 percent, which is due to an increase in the production of crude oil (108.4 percent), natural gas (106.1 percent), ores, except iron (101 percent), and other minerals (113.9 percent).
In the manufacturing industry, the Industrial Production Index in the reporting period compared to the same period in 2022 amounted to 103.2 percent. Growth was noted in the production of food products by 3.3 percent, beverages by 3.2 percent, rubber and plastic products by 6.8 percent, finished metal products, except machinery and equipment, by 4.2 percent, and mechanical engineering by 27.3 percent.
An increase in production volumes was recorded in 15 regions of the republic, while a decrease was recorded in Aktobe, Karaganda, Ulytau, Mangistau regions, and Astana city.