Research on Relationship between Energy Consumption and GDP in Kazakhstan

Xuan Zhai, Jappar Juman (), Aiymzhan Tulegenovna Makulova, Assel Valitkhanovna Khamzayeva and Binghan Du
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Xuan Zhai: Department of International Relations and World Economy, Al-Farabi Kazakh National University, Almaty 050040, Kazakhstan
Jappar Juman: Department of International Relations and World Economy, Al-Farabi Kazakh National University, Almaty 050040, Kazakhstan
Aiymzhan Tulegenovna Makulova: School of Digital Technologies, University NARXOZ, Almaty 050035, Kazakhstan
Assel Valitkhanovna Khamzayeva: Department of International Relations and World Economy, Al-Farabi Kazakh National University, Almaty 050040, Kazakhstan
Binghan Du: Department of International Relations and World Economy, Al-Farabi Kazakh National University, Almaty 050040, Kazakhstan

Economies, 2024, vol. 12, issue 8, 1-17

Abstract: The relationship between energy consumption and economic development is one of the primary indicators for elaborating energy policies. Different countries are at different stages of economic development and have different levels of energy consumption. Since independence, Kazakhstan’s economic development has gone through three stages: the unstable stage (1992–2000), the stage of rapid development (2001–2013), and the stage of stable development (2014–present). Kazakhstan’s economy is shifting from an industry-led economy to a service-led economy, thus, the relationship between energy consumption and economic growth also changes. By analyzing the data on energy consumption and GDP during 1992–2023, it was found that a 1% growth of GDP caused a 0.3972% growth of energy consumption in Kazakhstan on average. Due to the long period of economic influence on energy consumption, Kazakhstan could realize the adjustment of the energy consumption structure without affecting economic development by eliminating fossil energy subsidies, reducing taxes on projects for the development of renewable energy, and increasing energy-saving facilities.

Keywords: energy consumption; economic growth; elasticity coefficient; energy structure; Kazakhstan (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jecomi:v:12:y:2024:i:8:p:212-:d:1460214

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