KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 29 Jan 2026
Jan 15 Stock market: The trading volume on the Kazakhstan Stock Exchange (KASE) increased by 3% in 2025. Bureau of National Statistics: Investments in fixed assets in Kazakhstan increased by 13% in 2025. Bureau of National Statistics: Agricultural production in Kazakhstan increased by 5.9% in 202...
Kazakhstan macro: ambitious VAT reform to reduce republican budget dependence on transfers, exchange rate
KAZAKHSTAN · Report · 26 Jan 2026
The Kazakh authorities accomplished the fine-tuning of the tax reform with the intent to reduce the dependence of public finances on the USD/KZT exchange rate and oil prices. We mentioned previously that the main emphasis of this reform is not just the VAT hike but also how the tax should be paid...
NBK kept the base rate unchanged
KAZAKHSTAN · In Brief · 23 Jan 2026
The National Bank of Kazakhstan decided to keep the base rate at 18.0% amid faster-than-expected economic growth and high inflation (12.3% in 2025 as a whole and 0.9% m-o-m in December), staying well above the medium-term target. The NBK’s chairperson quoted 6.5% GDP growth in 2025, i.e., the sam...
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...