The Atyrau bridge in Kazakhstan

Kazakhstan Economy

Kazakhstan's economy in numbers:

Nominal GDP of USD 225 billion in 2022.

GDP per capita of USD 11,373 compared to the global average of USD 10,589.

Average real GDP growth of 3.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 60% of overall GDP, manufacturing 13%, other industrial activity 22%, and agriculture 5%. Looking at GDP by expenditure, private consumption accounted for 53% of GDP in 2020, government consumption 13%, fixed investment 29%, and net exports 5%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 16% of total merchandise exports, mineral fuels 58%, food 7%, ores and metals 18% and agricultural raw materials 0%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 81% of total merchandise imports, mineral fuels 4%, food 10%, ores and metals 3% and agricultural raw materials 0%, with other goods accounting for 2% of the total. Total exports were worth USD 86 billion in 2022, while total imports were USD 51 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 3.2% in the decade to 2022. To read more about GDP growth in Kazakhstan, go to our dedicated page.

Fiscal policy:

Kazakhstan's fiscal deficit averaged 2.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 5.0% in the decade to 2022. For more information on Kazakhstan's unemployment click here.

Inflation:

Inflation averaged 7.9% in the decade to 2022. Go to our Kazakhstan inflation page for extra insight.

Monetary Policy:

Kazakhstan's monetary policy rate ended 2022 at 16.75%, up from 6.50% a decade earlier. See our Kazakhstan monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the tenge weakened by 67.5% vs the U.S. dollar. For more info on the tenge, click here.
The economy expanded 5.1% in 2023—the fastest pace in a decade: Growth in fixed investment and public spending surged, outweighing softer increases in private consumption and exports. Turning to Q1 2024, available data is optimistic. Cumulative economic activity grew by 4.7% year on year in January–March. Moreover, industrial output expanded at a stronger clip in Q1 compared to Q4. That said, elevated price pressures and still-tight monetary policy likely weighed on private spending; retail sales growth slowed to a five-quarter low in Q1. In addition, goods exports shrank more sharply on average in January–February compared to Q4. In other news, the worst spring floods in 80 years hit the country in late March, displacing over 100,000 people and posing headwinds to activity; the government recently announced it would divert funding from other areas towards disaster relief.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 24 expert analysts.

Want to get insight on the economic outlook for Kazakhstan in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for Kazakhstan from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Kazakhstan economy. To download a sample report on the Kazakhstan's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Kazakhstan Economic Data

2018 2019 2020 2021 2022
Population (million) 18.3 18.5 18.8 19.0 19.6
GDP (USD bn) 179 182 171 197 225
GDP per capita (USD) 9,800 9,807 9,097 10,354 11,449
GDP (EUR bn) 152 162 149 166 214
GDP per capita (EUR) 8,314 8,766 7,966 8,759 10,886
GDP (KZT bn) 61,820 69,533 70,649 83,952 103,766
Economic Growth (Nominal GDP, ann. var. %) 13.7 12.5 1.6 18.8 23.6
Economic Growth (GDP, ann. var. %) 4.1 4.5 -2.5 4.3 3.2
Private Consumption (ann. var. %) 6.1 6.1 -3.7 6.3 2.0
Government Consumption (ann. var. %) -14.1 15.5 12.8 -2.4 9.1
Fixed Investment (ann. var. %) 5.4 13.8 -0.2 2.6 3.6
Exports (G&S, ann. var. %) 9.6 2.0 -11.3 2.3 10.2
Imports (G&S, ann. var. %) 6.6 14.9 -9.0 -0.3 11.6
Industrial Production (ann. var. %) 3.0 1.9 1.3 -1.6 1.1
Retail Sales (ann. var. %) 6.5 5.8 -4.1 6.5 2.1
Wages (ann. var. %) 8.5 14.8 13.3 17.8 23.4
Unemployment (% of active population, aop) 4.9 4.8 4.9 4.9 4.9
Fiscal Balance (% of GDP) -1.3 -1.8 -4.0 -3.0 -2.1
Public Debt (% of GDP) 20.3 19.9 26.4 25.1 23.5
Money (ann. var. of M2 %) 7.1 11.0 19.2 24.1 18.0
Inflation (CPI, ann. var. %, eop) 5.3 5.4 7.4 8.5 20.3
Inflation (CPI, ann. var. %, aop) 6.0 5.3 6.8 8.0 15.0
Base Rate (%, eop) 9.25 9.25 9.00 9.75 16.75
Stock Market (ann. var. of BET %) 7.5 1.6 13.2 37.4 -11.5
Exchange Rate (KZT per USD, eop) 381 383 421 435 463
Exchange Rate (KZT per USD, aop) 345 383 414 427 462
Exchange Rate (KZT per EUR, eop) 439 430 516 495 494
Exchange Rate (KZT per EUR, aop) 407 428 473 504 485
Current Account Balance (USD bn) -1.8 -7.0 -11.0 -2.7 7.1
Current Account Balance (% of GDP) -1.0 -3.9 -6.4 -1.4 3.1
Merchandise Trade Balance (USD bn) 24.0 18.4 6.0 24.2 35.0
Merchandise Exports (USD bn) 59.0 59.5 44.1 65.8 85.6
Merchandise Imports (USD bn) 35.0 41.1 38.1 41.6 50.6
Merchandise Exports (ann. var. %) 19.3 0.9 -26.0 49.3 30.2
Merchandise Imports (ann. var. %) 12.9 17.5 -7.5 9.2 21.8
Foreign Direct Investment (USD bn) 3.9 3.3 3.7 3.3 6.1
International Reserves (USD bn) 30.9 29.0 35.6 34.4 35.1
International Reserves (months of imports) 10.6 8.5 11.2 9.9 8.3
External Debt (USD bn) 163 160 162 166 161
External Debt (% of GDP) 90.8 88.3 94.8 84.3 71.4

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