Kazakhstan's Macroeconomic Analysis:
Nominal GDP of USD 225 billion in 2022.
Nominal GDP of USD 262 billion in 2023.
GDP per capita of USD 13,215 compared to the global average of USD 10,589.
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.
Average real GDP growth of 3.2% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Kazakhstan
A preliminary release revealed that the economy expanded 4.1% year on year in January–September (H1: +3.2% yoy). Accelerations in agriculture and construction underpinned momentum, which was further fueled by faster increases in mining and quarrying, domestic trade and transportation. Shifting to Q4, our panel expects GDP growth to remain robust, and the data at hand supports this prediction. The annual increase in economic activity was stable at January–September’s 5.3% in January–October: Agriculture, construction and domestic trade accelerated, offsetting a deterioration in industrial sector output growth. In other news, the government recently announced plans for double-digit increases in oil and gas output by 2030, which would boost exports and the public coffers; a likely failure to reach these figures bodes ill for GDP growth targets.Kazakhstan Economic Forecasts
Projections out to 2034.48 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 25 expert analysts.
Want to get insight on the economic outlook for Kazakhstan in the coming years? FocusEconomics collects projections out to 2034 on 48 economic indicators for Kazakhstan from a panel of 25 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.