In August, Kazakhstan’s real sector continued to demonstrate strong growth. The short-term economic indicator (STEI) for January–August 2025 rose to 109.6% (YoY). The main drivers remain the construction sector (+18.1%) and transport and warehousing (+21.5%).
High oil production volumes persistently exert a positive impact on the physical volume index (PVI) in the mining industry. Meanwhile, Kazakhstan continues to exceed OPEC+ quotas. In August, production amounted to 1.77 million bbl/d, despite the quota being set at 1.53 million bbl/d (according to IEA).
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.
The weak execution of the republican budget is primarily due to shortfalls in transfers from the National Fund. Lower than-planned revenues in the republican budget have resulted in reduced expenditures compared to the approved volumes. In the first eight months of 2025, republican budget expenditure execution stood at 92.4%.
Growth in fixed capital investment slowed in August. At the same time, state budget funds continue to be the primary driver of investment, with their share in total investment increasing to 23.0%.
Read more in the Socio-Economic Development Review.
