KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 26 Aug 2026
Aug 13 US Department of Agriculture: The agency has raised its forecast for wheat exports from Kazakhstan in the current agricultural year (July 2026 to June 2027) from 9 to 10 mln tons. Aug 14 National pipeline company: Kazakh oil exports to Russian Ust‑Luga port were cut by 16.9% y-o-y, while e...
Kazakhstan macro: The tenge remains strong as the current account turns positive and capital flows in
KAZAKHSTAN · Report · 25 Aug 2026
S&P Global Ratings recently upgraded Kazakhstan’s sovereign credit ratings to BBB from BBB- (long-term) and A-2 from A-3 (short-term), recognizing the government’s fiscal reforms and greater resilience to external shocks. The agency noted GDP growth could reach about 5.1% this year — well above i...
Kazakhstan macro: navigating a series of external shocks
KAZAKHSTAN · Report · 19 Aug 2026
Recently published economic statistics indicate that despite a number of external shocks that had affected the nation’s ability to export oil, Kazakhstan’s economy is still performing fairly well, although perhaps falling a bit short of expectations. According to the Bureau of National Statistics...
Statistics suggest economy keeps growing in 7M26 fast enough, albeit growth moderates
KAZAKHSTAN · In Brief · 17 Aug 2026
Recent economic and financial data show that Kazakhstan’s economy is still performing fairly well, though perhaps falling a bit short of expectations, with GDP in the first half of 2026 up 4.1% year-on-year and the short-term indicator - a monthly measure of activity across six key sectors - risi...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 12 Aug 2026
Jul 29 Foreign Ministry: The Foreign Ministers of Kazakhstan and the US discussed the CPC situation by phone. Jul 30 National railways: Freight traffic by rail between Kazakhstan and China increased by 9% y-o-y in 1H26. CPC: The company halted oil shipments at its marine terminal after a UAV atta...
Current account turned positive in 2Q26 and could stay in green in 2026 as a whole
KAZAKHSTAN · In Brief · 04 Aug 2026 · 1 response
The current account moved into surplus in 2Q26, hitting about $3.0 bln after a $2.0 bln deficit in 1Q26, bringing the 1H26 surplus to roughly $1.0 bln. This is a sharp turnaround from the $3.6 bln deficit in 1H25 and the $12.5 bln shortfall for all of 2025. In 4Q25, the deficit widened to $5.2 bl...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 29 Jul 2026
Jul 16 International arbitration: United Nations Commission on International Trade Law (UNCITRAL) arbitration has temporarily banned Kazakhstan from enforcing KZT 2.3 trln fine against the operator (NCOC, North Caspian Operating Company) of the Kashagan oil field until an arbitration decision is ...
Kazakhstan macro: The economy becomes more resilient to external shocks
KAZAKHSTAN · Report · 20 Jul 2026
The Ministry of Finance released budget execution statistics that looked fairly positive, although revenues likely fell short of government expectations. Kazakhstan faced some bad luck early in the year when the CPC oil terminal was damaged, hurting both economic growth and budget revenues in Jan...
Economic growth remains steady
KAZAKHSTAN · In Brief · 15 Jul 2026
The Bureau of National Statistics reported that the short-term indicator, which tracks monthly aggregate economic activity across industry, agriculture, construction, transportation, trade, and communications, grew by 5.1% y-o-y in 1H26, up from 4.3% y-o-y in 5M26. The Bureau also released detail...