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Tengrinews.kz – Kazakhstan is experiencing the highest GDP growth rate in the past 12 years, Vice Prime Minister and Minister of National Economy Serik Zhumangarin announced.
At a government meeting, Zhumangarin reported that economic growth in the first half of the year reached 6.2%, accelerating by 0.2 percentage points compared to the first five months.
“This is higher than the growth rate during the same period last year and the highest GDP growth in the past 12 years,” said the Vice Prime Minister.
The real sector grew by 8%, and the services sector increased by 5.2%.
“The main drivers of growth are transport and construction. Trade has picked up, and growth continues in the mining industry, manufacturing – up by 5.5%, and agriculture – up by 3.7%,” Zhumangarin added.
Investment in fixed capital rose by 19.3%.
At the same time, the government noted a decline in foreign trade. From January to May, the foreign trade turnover amounted to $53.5 billion.
“Despite the overall decline in foreign trade, the trade balance remains positive – at $6 billion,” said Zhumangarin.
Grain exports from the new harvest rose by 35.2%, reaching 11.8 million tons of grain and flour in grain equivalent, including 9 million tons of grain, the highest in 13 years. The main export destinations were Uzbekistan, Tajikistan, Iran, and Azerbaijan.
The mining industry continues to show strong growth — up 8.4%, mainly due to increases in oil production (up 11.6%) and coal production (up 11.7%).
State budget revenues for the first half of the year amounted to 11.4 trillion tenge, which is 106.7% of the target and 118.8% compared to the same period last year.
“This is the result of tax discipline and economic growth in Kazakhstan. (...) Work on the new Tax Code has been completed, and the document was adopted by Parliament in June. Starting from 2026, the new tax mechanisms are expected to bring an additional 3–5 trillion tenge to the budget. This will strengthen the revenue side of the budget and expand the state’s capacity to stimulate economic growth,” Zhumangarin said.
He added that the government will soon develop a program for effective economic growth.
In early July, the National Bank published results of an expert survey on oil prices, Kazakhstan's economy, inflation, and the base interest rate. The GDP growth forecast was revised upward:
- 2025: from 5.0% to 5.1%;
- 2026: from 4.5% to 4.6%;
- 2027: from 4.3% to 4.5%.
