In July, Kazakhstan’s real sector continued to demonstrate strong growth. The short-term economic indicator (STEI) for January–July 2025 rose to 109.3% (YoY). The main drivers remain the construction sector (+18.5%) and transport and warehousing (+22.5%).
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 more than other countries, with an excess of 0.4 million b/d recorded in July.
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.
Growth in fixed capital investment slowed in July. At the same time, state budget funds continue to be the primary driver of investment, with their share in total investment increasing to 22.4%.
Read more in the Socio-Economic Development Review.
