(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 5. Kazakhstan's GDPgrowth is expected to slow to 3.1 percent in 2024, reflectingstable oil production given the deferred expansion of the Tengizoil field, a source at the IMF Spokesman's office told Trend .
"Over the medium term, non-oil growth would stabilize around itsestimated potential of 3–3.5 percent, assuming accelerated reformimplementation," the source said.
According to the IMF, since the expansion of production at theTengiz oil field has been delayed, it is expected to be a keydriver of the growth acceleration projected in 2025, to about 5.7percent.
As KazMunayGas told Trend earlier, a project to expand production at theTengiz field will be launched in 2025. The project would expandproduction from about 12 million tons per year (260,000 b/d) toabout 39 million tons per year (850,000 b/d).
Meanwhile, Kazakhstan's economic growth amounted to 5.1 percentin 2023. Last year, the volume of investments in fixed capitalincreased by 13.7 percent and amounted to $39.5 billion, while overthe first nine months of 2023, $19.7 billion of foreign directinvestment was attracted.
As per the country's National Bank forecast, Kazakhstan's GDPgrowth in 2025 will stand at 5.5-6.5 percent, and in 2026 - at3.5-4.5 percent.
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