In 2025, state budget revenues reached the planned targets. However, the over-execution of local budget revenues was accompanied by underperformance in terms of republican budget revenues. This resulted in higher withdrawals from local budgets and lower transfers from the republican budget to the regions compared to the plan. The republican budget has shown a discernible decline in the collection of major taxes.
The real sector of the economy continues to exhibit high growth rates. In 2025, Kazakhstan achieved a record level of oil production, which, however, resulted in a substantial overrun of OPEC+ quotas, a trend that could intensify in Q1 2026. The mining, construction, transport, and warehousing industries continue to be the primary drivers of the economy. The core of Kazakhstan's manufacturing industry, metallurgy, continues to show weak dynamics.
Kazakhstan's foreign trade turnover nearly reached the figures recorded in 2024. However, Kazakhstan's trade balance shifted, with a simultaneous increase in imports and a decrease in exports. The most notable discrepancies in the dynamics of foreign trade indicators are observed in trade with Russia.
Read more in the Socio-Economic Development Review.
