KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Economic growth remained strong in December
KAZAKHSTAN · In Brief · 16 Jan 2026
The Bureau of National Statistics reported that the short-term indicator—a flash estimate of economic activity across six main sectors—rose by 9.4% in 2025. For 11M25, it was up 9.3%, suggesting a bit of acceleration in the final month. Transportation and warehousing led the way with 20.4% growth...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 14 Jan 2026 · 1 response
Dec 25 Finance Ministry: The Ministry of Finance and the National Bank of Kazakhstan are teaming up to create a joint strategy for managing the country’s national debt. KMG: The company has bought Eurobonds totaling $500 million, including $250 million maturing in 2047 and $249.9 million maturing...
Republican budget tax revenues remained behind the plan in 2025
KAZAKHSTAN · In Brief · 13 Jan 2026
The Ministry of Finance has started releasing financial statistics for 2025, reporting that the republican budget execution was generally in line with the initial plan. Revenue and expenditure targets remained largely unchanged, and the budget deficit came in slightly below the KZT 4.1 trln targe...
Preliminary figures from the National Fund suggest that overall tax collection in December was fairly moderate
KAZAKHSTAN · In Brief · 09 Jan 2026
The Ministry of Finance has begun releasing full-year 2025 financial statistics, starting with data on the National Fund’s assets. As of January 1, 2026, the Fund’s assets rose to KZT39.644 trln from KZT34.730 trln a year earlier. While the official figures are in national currency, applying rele...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 24 Dec 2025
Dec 11 Energy Ministry: Currently Kazakhstan does not see an alternative to CPC for oil supplies, but will develop additional routes in the future. Energy Ministry: Attacks on the CPC have led to losses in Kazakhstan's oil production of about 480K tons, but the plan for 2025 will be fulfilled. De...
Kazakhstan macro: Tax reform to make intra-budgetary transactions less distortive
KAZAKHSTAN · Report · 22 Dec 2025 · 1 response
Recent budget execution statistics show the economy is in good shape, with local tax collection continuing to outperform. Mid-year, the initial 2025 target was revised upward, and by November tax revenues had hit 94.4% of that revised goal. Local budgets, which also get transfers from the republi...
Revenue flow remains uneven across different levels of the consolidated budget
KAZAKHSTAN · In Brief · 19 Dec 2025
The Ministry of Finance released 11M25 budget execution data for various levels of the consolidated budget, including extra-budgetary funds. The consolidated budget showed a surplus of KZT2.5 trillion, compared to the government’s full-year 2025 deficit target of over KZT4.8 trln. Local budgets c...
Economic growth remained strong in November
KAZAKHSTAN · In Brief · 16 Dec 2025
Recent monthly updates from the Bureau of National Statistics show that economic growth in November stayed strong, matching the pace of previous months. The short-term indicator, a monthly proxy for economic activity, grew by 9.1% y-o-y in 11M25, the same rate recorded in 9M25 and 8M25. Transport...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 11 Dec 2025
Nov 27 National pipeline company: KazTransOil net profit (IFRS) increased by 24% y-o-y in 9M25. Nov 28 NBK: The Bank left the base rate unchanged at 18%. NBK: The Bank has no intentions to reduce the base rate until the end of 1H26. NBK: The Bank has revised the forecast of economic growth in Kaz...