KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Sep 2026
Sep 11 Ministry of Justice: Enforcement proceedings to recover KZT 2.3 trillion from the operator of the Kashagan field (North Caspian Operating Company) will resume once the court returns the materials. Energy Ministry: Kazakhstan and the US will continue dialogue within the framework of the str...
Kazakhstan macro: the widening current account surplus to keep the tenge strong this year
KAZAKHSTAN · Report · 21 Sep 2026 · 1 response
With oil prices hovering around $100/bbl and future trends still uncertain, oil-producing countries have enjoyed extra revenues despite various disruptions to exports. Kazakhstan is one such country, with reduced oil production due to export issues via the CPC, its main oil export route. Still, w...
Kazakhstan macro: Budget statistics confirm economic growth remains stable
KAZAKHSTAN · Report · 18 Sep 2026
Recent economic data shows that Kazakhstan’s growth rate has steadied at around 5.0%, easing on a y-o-y basis, partly due to a base effect after an unusual growth surge in 2025 that lasted until August last year. In the first eight months of 2025, the short-term indicator, tracking the activity i...
Economic growth looks stable in August as domestic demand remains strong
KAZAKHSTAN · In Brief · 14 Sep 2026
The Bureau of National Statistics has begun releasing monthly economic data for August, showing that growth is gradually picking up. Retail trade rose by 4.5% y-o-y in 8M26, with August alone posting a 6.3% increase. In 7M26 and 1H26, growth stood at 4.1% and 3.8% respectively, marking a steady a...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 09 Sep 2026
Aug 27 Legal suite: The court in Kazakhstan allowed Ukrainian Naftogaz to appeal the cancellation of the decision to recover $1.4 bln from Gazprom. Aug 28 KMG: The company will place "Dimsum" bonds worth CNY 3.5 bln in early September. Energy ministry: Oil production has been restored in Kazakhst...
The government 2027-2029 economic outlook and budget plan suggests steady GDP growth in the years ahead
KAZAKHSTAN · In Brief · 01 Sep 2026
The Kazakh government has released its macroeconomic forecast for 2027-2029, along with aggregate republican budget figures and some data tied to the consolidated budget. Overall, the outlook seems reasonable, though the baseline scenario may be a bit optimistic, projecting steady GDP growth of 5...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 26 Aug 2026
Aug 13 US Department of Agriculture: The agency has raised its forecast for wheat exports from Kazakhstan in the current agricultural year (July 2026 to June 2027) from 9 to 10 mln tons. Aug 14 National pipeline company: Kazakh oil exports to Russian Ust‑Luga port were cut by 16.9% y-o-y, while e...
Kazakhstan macro: The tenge remains strong as the current account turns positive and capital flows in
KAZAKHSTAN · Report · 25 Aug 2026
S&P Global Ratings recently upgraded Kazakhstan’s sovereign credit ratings to BBB from BBB- (long-term) and A-2 from A-3 (short-term), recognizing the government’s fiscal reforms and greater resilience to external shocks. The agency noted GDP growth could reach about 5.1% this year — well above i...
Kazakhstan macro: navigating a series of external shocks
KAZAKHSTAN · Report · 19 Aug 2026
Recently published economic statistics indicate that despite a number of external shocks that had affected the nation’s ability to export oil, Kazakhstan’s economy is still performing fairly well, although perhaps falling a bit short of expectations. According to the Bureau of National Statistics...