GlobalSource Partners | Country Insights

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...

Statistics suggest economy keeps growing in 7M26 fast enough, albeit growth moderates

KAZAKHSTAN · In Brief · 17 Aug 2026

Recent economic and financial data show that Kazakhstan’s economy is still performing fairly well, though perhaps falling a bit short of expectations, with GDP in the first half of 2026 up 4.1% year-on-year and the short-term indicator - a monthly measure of activity across six key sectors - risi...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 12 Aug 2026

Jul 29 Foreign Ministry: The Foreign Ministers of Kazakhstan and the US discussed the CPC situation by phone. Jul 30 National railways: Freight traffic by rail between Kazakhstan and China increased by 9% y-o-y in 1H26. CPC: The company halted oil shipments at its marine terminal after a UAV atta...

Current account turned positive in 2Q26 and could stay in green in 2026 as a whole

KAZAKHSTAN · In Brief · 04 Aug 2026 · 1 response

The current account moved into surplus in 2Q26, hitting about $3.0 bln after a $2.0 bln deficit in 1Q26, bringing the 1H26 surplus to roughly $1.0 bln. This is a sharp turnaround from the $3.6 bln deficit in 1H25 and the $12.5 bln shortfall for all of 2025. In 4Q25, the deficit widened to $5.2 bl...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 29 Jul 2026

Jul 16 International arbitration: United Nations Commission on International Trade Law (UNCITRAL) arbitration has temporarily banned Kazakhstan from enforcing KZT 2.3 trln fine against the operator (NCOC, North Caspian Operating Company) of the Kashagan oil field until an arbitration decision is ...

Kazakhstan macro: The economy becomes more resilient to external shocks

KAZAKHSTAN · Report · 20 Jul 2026

The Ministry of Finance released budget execution statistics that looked fairly positive, although revenues likely fell short of government expectations. Kazakhstan faced some bad luck early in the year when the CPC oil terminal was damaged, hurting both economic growth and budget revenues in Jan...

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 ...