ASTANA — Investment activity in Kazakhstan slowed notably in January-September, with fixed capital investment growth easing to 13.5% year-on-year, compared to 19.3% at the end of June. The deceleration reflects the fading impact of last year’s low base and a reduction in transfers from the National Fund, which supports the economy.
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The main contributors to investment growth in absolute terms were education, transport and logistics, and manufacturing, driven by expanded public spending and ongoing infrastructure projects. Conversely, the mining sector continued to contract (-16.9% year-on-year) following the completion of major projects, including the Tengiz project expansion, according to the Nov. 5 Halyk Research publication.
Government participation in the investment process continued to increase, with the share of budget financing rising to 23% from 19% a year earlier, while the share of enterprises’ own funds declined to 63% from 66.6%. The share of bank loans also decreased to 3.7%.
For sustainable development, experts emphasize the need to prioritize technological modernization, attract more private investment, and reduce state dominance, while promoting innovation, technology, and education.
