KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Kazakhstan macro: Economic growth moderates in the aftermath of last year’s overheating
KAZAKHSTAN · Report · 14 May 2026
Recent economic statistics show that Kazakhstan’s economy resumed growing after the sharp drop in January caused by the oil export disruption due to the damage at the CPC sea oil terminal. However, January’s shock will still have some impact on overall growth in 2026, which will be slower than la...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 06 May 2026
Apr 23 Prime Minister: Kazakhstan plans to build 5K km of railways in 4 years. Asian Development Bank: By 2030, the bank plans to allocate $5.5 bln to Kazakhstan for green energy and energy infrastructure projects. KMG: Kazakhstan views the Trans-Caspian International Transport Route as a crucial...
The base rate remains unchanged, the tenge strengthens more
KAZAKHSTAN · In Brief · 28 Apr 2026
On April 24, the National Bank of Kazakhstan decided to keep the base rate unchanged at 18% despite inflation decelerating in March. It fell y-o-y to 11.0% and m-o-m to 0.6% (from 11.7% and 1.7% in February). Commenting on the decision, the NBK Chairman praised the consistency of monetary policy ...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Apr 2026
Apr 4 Energy Ministry: Kazakhstan continues to export oil via the CPC system in a regular mode. Apr 9 Parliament: The Senate (upper house) has ratified the agreement with Azerbaijan and Uzbekistan on a possibility of mutual supply of "green" energy. Ministry of Artificial Intelligence and Digital...
Kazakhstan macro: GDP growth to moderate this year
KAZAKHSTAN · Report · 21 Apr 2026
According to the Bureau of National Statistics, economic trends looked better in March as the economy continued to recover from the January shock caused by disruptions in oil exports (and accordingly, extraction) due to the damaged CPC oil pipeline terminal. Still, in 1Q26 as a whole, economic g...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 08 Apr 2026
Mar 26 Government: Kazakhstan excluded Shell’s and Eni's participation in the Karachaganak gas processing plant project. Banking system: Abu Dhabi Commercial Bank intends to establish a subsidiary bank in Kazakhstan. KMG: The company’s net profit decreased by 2% in 2025. KMG: Joint project with R...
Kazakhstan macro: budget revenues to outperform this year, prompting a possible rise in expenditure
KAZAKHSTAN · Report · 31 Mar 2026
We mentioned previously that the republican and local budgets performed well in 2M26, with the former posting a small deficit of about KZT0.1 trln in 2M26, while the full-year deficit was targeted at KZT4.6 trln. This deficit appeared low, not least because expenditures lagged given that about KZ...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 25 Mar 2026
Mar 12 Energy Ministry: The Minister instructed to strengthen the protection of strategic facilities in the oil and gas sector KMG: Mr Khasenov, CEO of KMG, called on Tengizchevroil company to bring Tengiz oil field to full capacity as soon as possible Mar 13 Government: Kazakhstan intends to inc...
Tax revenues soar in 2M26 amid VAT reform
KAZAKHSTAN · In Brief · 20 Mar 2026
In 2M26, the republican budget posted a small deficit of about KZT0.9 trln while the full year deficit was targeted at KZT4.6 trln. The 2M26 deficit appeared small, not least because expenditures lagged as about KZT0.9 trln was left unallocated. Hence, in 2M26, expenditures accounted for 14.3% of...