Economic Growth in Kazakhstan
Kazakhstan's economy recorded an average real GDP growth rate of 3.0% in the decade to 2022, above the 2.5% average for Eastern Europe. In 2022, real GDP growth was 3.3%. For more GDP information, visit our dedicated page.
Kazakhstan GDP Chart
Kazakhstan GDP Data
|Economic Growth (GDP, ann. var. %)||4.1||4.5||-2.5||4.3||3.3|
|GDP (USD bn)||179||182||171||197||225|
|GDP (EUR bn)||152||162||149||166||214|
|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|
GDP growth gathers steam in H1
GDP growth gathered steam to 5.3% year on year in H1 (January–June 2023), up from 5.0% in the first quarter. All sectors of the economy grew in H1, with the industrial and services sectors both growing at faster rates. However, the agricultural sector grew at a slower rate in H1 than in Q1.
On the outlook for 2023, analysts at EIU commented: “Key drivers of growth in 2023 will be increased fixed investment and strong oil production coupled with cooling inflation, supporting private consumption, and the continuation of monetary loosening, which began at the end of August. Still-high oil prices will continue to support growth and help to shield, to a degree, the economy from any secondary spillovers from the economic downturn in Russia.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Kazakhstani GDP projections for the next ten years from a panel of 22 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Kazakhstani GDP.
To Download one of our sample reports to visualize what a Consensus Forecast is and see our Kazakhstani GDP projections.
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