The real sector of the economy continues to demonstrate strong growth. The short-term economic indicator (STEI) for January–October 2025 remained at 109.1% (YoY). The main drivers remain the construction sector (+15.1% YoY) and transport and warehousing (+20.7% YoY). As the harvest is brought to a completion, the growth rate of agriculture has been recorded at 12.9% (YoY).
In October, oil production reached levels last seen in February. Despite this, Kazakhstan continues to exceed its OPEC+ quota. In October, production amounted to 1.68 million bbl/d, despite the quota being set at 1.53 million bbl/d (according to IEA). At the same time, the current agreements call for a gradual reduction of Kazakhstan's quota to 1.00 million bbl/d by March 2026
Kazakhstan’s foreign trade turnover remains below last year’s level. Although the rate of contraction in export is slowing, the overall level remains high.
Transfers from the National Fund are gradually approaching the planned volumes, while tax collection, on the contrary, is showing a negative trend. In the first 10 months of 2025, republican budget expenditure execution stood at 94.0%.
Nevertheless, as the fiscal year comes to an end, revenues to the republican budget are gradually approaching the planned target, although at the beginning of the year execution stood at 68.5%.
Growth in fixed capital investment continued to slow in October. At the same time, the contribution of own funds to investment growth exceeded the contribution of the state budget.
Read more in the Socio-Economic Development Review.
