KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Economic growth remains steady
KAZAKHSTAN · In Brief · 15 Jul 2026
The Bureau of National Statistics reported that the short-term indicator, which tracks monthly aggregate economic activity across industry, agriculture, construction, transportation, trade, and communications, grew by 5.1% y-o-y in 1H26, up from 4.3% y-o-y in 5M26. The Bureau also released detail...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 15 Jul 2026
Jul 2 Energy Ministry: Russia has not requested fuel supplies, including humanitarian aid. Alatau City Bank: The bank has decided to return KZT 125.3 bln ($261.4 mln) of state aid to the government ahead of schedule. President: Mobile operator VEON, a multinational telecommunication and digital s...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 01 Jul 2026
Jun 18 NBK: A national strategic crypto reserve with an investment target of $1 bln has been established in the country. NBK: In June, the Bank, as a regulator, changed investment declaration of the Unified Pension Fun and added new guidelines for alternative investment instruments to be a part o...
With inflation still high in June, the NBK will probably hold steady in July
KAZAKHSTAN · In Brief · 01 Jul 2026
The Bureau of National Statistics reported a slight y-o-y inflation slowdown (to 10.3% from 10.4% in May), but m-o-m inflation ticked up to 0.8% from 0.7% in May, showing disinflation has nearly stalled since October 2025. Last year’s sharp base rate hike cooled the economy and slowed household c...
Kazakhstan macro: The NBK cut the base rate and upgraded its growth forecast
KAZAKHSTAN · Forecast · 18 Jun 2026
Recently, several organizations released updated forecasts for Kazakhstan’s economy in 2026, and the outlook is looking a bit brighter than a few months ago. The economy is steadily moving toward a more balanced growth path while easing past overheating caused by heavy budget spending and rapid h...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 17 Jun 2026 · 1 response
Jun 4 Qazaqgaz: The company and Russian Gazprom signed an agreement on additional gas supplies to Kazakhstan in 2026 Jun 5 NBK: The regulator lowered the base rate from 18% to 17%. NBK: The Bank has raised its forecast for the country's GDP growth in 2026 to 4.5-5.5% from the previously expected ...
Economic growth moderated but remains stable
KAZAKHSTAN · In Brief · 15 Jun 2026
The Bureau of National Statistics reported that the short-term indicator, which measures combined economic activity in industry, agriculture, construction, transportation, IT/communications, and trade, grew by 4.3% y-o-y in 5M26, slightly higher than the 4.2% growth in the first four months. In M...
Kazakhstan macro: high oil prices and the tax reform support budget revenues in 5M26
KAZAKHSTAN · Report · 11 Jun 2026
The Ministry of Finance announced that in 5M26, total revenues of the republican budget reached nearly KZT9.3 trln, or 40.5% of the annual plan. While this looks solid overall, tax revenues of KZT7.3 trln fell slightly short in our view, hitting 38.3% of the yearly target. The Ministry of Finance...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 03 Jun 2026
May 21 Ministry of Justice: Naftogaz of Ukraine is seeking to validate in commercial arbitration in Kazakhstan its $1.44 bln claim against Gazprom for unpaid gas transit fees after the service was halted in 2022. Earlier, Naftogaz had won a similar arbitration against Gazprom in the Netherlands. ...