Economic Monitor Kazakhstan

Kazakhstan’s economy grew by 5.1% in 2023, driven by investments, though a slowdown to 3.5% is expected in 2024 due to maintenance of key oil fields. Inflation dropped to 8.4% by August 2024, supported by lower food and commodity prices. Despite inflation, the Tenge appreciated against the dollar, and international reserves remain high. The current account deficit reflects a reliance on oil prices.

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