In June, Kazakhstan’s real sector continued to demonstrate strong growth. In H1 2025, GDP increased by 6.2% year-on-year. The main drivers remain the construction sector (+18.4%) and transport and warehousing (+22.7%).
Amid high oil production volumes, the physical volume index (PVI) for the mining sector continues to accelerate. At the same time, Kazakhstan has the largest quota overrun among OPEC+ countries.
Kazakhstan’s foreign trade turnover remains below last year’s level. Exports continue to decline, while imports show positive growth. Although the rate of contraction in trade turnover is slowing, the overall level remains high — particularly in terms of exports.
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.
The sharp growth in fixed capital investment is partly explained by the low base of the previous year. At the same time, a substantial increase in public budget-funded investment serves as an additional growth driver.
Read more in the Socio-Economic Development Review.
