Overperformance of local budget were offset by the underperformance of the republican budget. Nonetheless, revenues of the republican budget are steadily approaching target levels, primarily due to enhanced execution of transfers from the National Fund. Concurrently, there has been a discernible decline in the collection of major taxes.
The real sector of the economy continues to exhibit high growth rates. Construction, transport and warehousing remain the main drivers. Metallurgy continues to show weak dynamics, while data indicates that economic activity in the mining industry is undergoing a period of sustained growth.
Meanwhile, the increase in oil production stands at odds with Kazakhstan's commitments under the OPEC+ agreement. Since the beginning of 2025, production has already exceeded the established quota by over 100 million barrels, and given Kazakhstan's proposed compensation plan, the risks of further growth in overproduction remain.
Following the growth in production, oil export volumes are also increasing. However, the growth rate of exports still lags significantly behind the growth rate of production.
The structure of the sources of financing investments in fixed capital is experiencing changes. Nonetheless, their share in the total volume of investments remains higher than in previous years.
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.
