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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...

Revenue flow remains uneven across different levels of the consolidated budget
KAZAKHSTAN · In Brief · 19 Dec 2025

The Ministry of Finance released 11M25 budget execution data for various levels of the consolidated budget, including extra-budgetary funds. The consolidated budget showed a surplus of KZT2.5 trillion, compared to the government’s full-year 2025 deficit target of over KZT4.8 trln. Local budgets c...

Economic growth remained strong in November
KAZAKHSTAN · In Brief · 16 Dec 2025

Recent monthly updates from the Bureau of National Statistics show that economic growth in November stayed strong, matching the pace of previous months. The short-term indicator, a monthly proxy for economic activity, grew by 9.1% y-o-y in 11M25, the same rate recorded in 9M25 and 8M25. Transport...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 11 Dec 2025

Nov 27 National pipeline company: KazTransOil net profit (IFRS) increased by 24% y-o-y in 9M25. Nov 28 NBK: The Bank left the base rate unchanged at 18%. NBK: The Bank has no intentions to reduce the base rate until the end of 1H26. NBK: The Bank has revised the forecast of economic growth in Kaz...

Kazakhstan macro: Exchange rate and inflation to remain key variables to watch amid the forthcoming tax reform
KAZAKHSTAN · Report · 28 Nov 2025

The Kazakh parliament recently approved the updated government’s macroeconomic forecast for 2026-2028 after the final polishing of next year’s republican budget. The official forecast assumes GDP to grow by 5.4%, which is only slightly higher than the expected average annual growth for the next t...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 Nov 2025

Nov 15 KMG: The company and Uzbekneftegaz (Uzbekistan) signed an agreement on the Zharkyn oil exploration project in Mangystau region. President: Kazakhstan intends to increase the volume of transit of Russian gas to Uzbekistan. Nov 16 President: Mr. Tokayev welcomes Azerbaijan's accession to reg...

Republican budget tax revenues remain well behind the plan in 10M25
KAZAKHSTAN · In Brief · 25 Nov 2025

The Ministry of Finance has not yet published a full set of budgetary statistics for 10M25 and at the time of writing this note just released a brief note with several key republican budget numbers. According to the published text, total revenues (including tax revenues, non-tax revenues, incomes...

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