KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
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...
Kazakhstan macro: “Never cared for games they play”
KAZAKHSTAN · Report · 16 Mar 2026
On March 3, the National Bank of Kazakhstan decided to keep the base rate unchanged but hinted that it could decline in 2H26. The regulator mentioned that inflationary pressure is easing and referred to decelerating y-o-y inflation (11.7% in February versus 12.2% in January). The NBK pointed to s...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 12 Mar 2026
Feb 26 National gas company: QazaqGaz and the Qatari UCC Holding have developed a project design for the construction of a second gas processing plant at Kashagan with an annual capacity of 2.5 bcm. EBRD: The bank upgraded Kazakhstan's 2026 GDP growth forecast from 4.5% to 4.7%. Tengizchevroil: O...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 26 Feb 2026
Feb 13 World Bank: The Bank is ready to provide financing up to $1bln per year for projects in Kazakhstan in 2026-2031. National railways: IPO of Kazakhstan Railways may take place in May. KMG: The company increased oil and gas condensate production by 10% in 2025. US Embassy: The US is working w...