Astana (TDI): Kazakhstan’s economy is booming, clocking its fastest growth in 14 years with a 6.2% expansion in the first half of 2025. The news came from Deputy Prime Minister and Minister of National Economy Serik Zhumangarin during a recent cabinet meeting.
According to Zhumangarin, the country hasn’t seen this pace of growth since 2011, when GDP jumped 7.1% in the first half of the year, eventually reaching 7.5% by year-end. Since then, Kazakhstan’s economy has rarely crossed the 6% mark. By contrast, the economy grew 4.8% in 2024.
“This figure is not only 0.2 percentage points higher than growth in the year’s first five months, it’s also the highest half-year result in 14 years,” Zhumangarin said. He pointed to the real sector, which grew by 8%, and a 5.2% increase in services as the major drivers.
Between January and May, Kazakhstan’s trade turnover reached $53.5 billion. Exports hit $29.8 billion, including $10.2 billion worth of high value-added goods. Imports rose slightly by 2.2% to $23.8 billion, resulting in a $6 billion trade surplus.
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Speaking at a press conference, Prime Minister Olzhas Bektenov reiterated the government’s goal of doubling GDP by 2029, a target originally announced in 2023.
“Last year, our GDP was $286 billion. This year, we’re aiming to cross the $300 billion mark. If growth holds, we can realistically hit $450 billion by 2029,” he said.
Bektenov emphasized investments in industrialization, economic diversification, and value-added production as key to keeping wealth and profits within the country.
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Projections for Kazakhstan’s economic outlook vary. The Eurasian Development Bank expects 5.5% growth in 2025, with similar numbers through 2027. However, the European Bank for Reconstruction and Development (EBRD) recently trimmed its forecast for this year from 5.2% to 4.9%, citing possible risks in oil output.
Despite differing predictions, the first half of 2025 has offered Kazakhstan a strong economic head start, and renewed optimism for long-term growth.
Farkhund Yousafzai is an Associate Editor at The Diplomatic Insight.
