ALMATY — Capital investments in Kazakhstan increased by 13.3% year-on-year to reach 18.5 trillion tenge (approximately US$40.7 billion) in January–November 2025 period, driven primarily by private-sector activity, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said at a Dec. 17 government meeting.
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According to Zhumangarin, private investments rose by 9.8%, underscoring growing business confidence as the economy adapts to external challenges and moves onto a trajectory of sustainable growth, reported the Prime Minister’s press service.
“The economy has adapted to external conditions and entered a path of stable development. We are seeing acceleration in core sectors, which creates a solid foundation for fulfilling social obligations and implementing large-scale infrastructure projects,” he said.
Investments concentrated in sectors shaping future growth
The strongest growth in investment was recorded in sectors critical for long-term economic development. Investments in financial activities surged by 82.8%, while capital inflows into electricity, gas, and hot water supply rose by 57.9%. Significant growth was also observed in education, which expanded by 31.6%, as well as information and communications at 24.5%.
Agriculture saw investment growth of 24.1%, manufacturing rose by 20.7%, and the transport sector expanded by 13.3%, reflecting continued diversification of the economy and emphasis on infrastructure and production capacity.
Strengthening macroeconomic stability
National Bank Governor Timur Suleimenov reported that Kazakhstan’s gross international reserves reached $125.7 billion by the end of November 2025, marking a 20.1% increase since the beginning of the year. Gold and foreign exchange reserves of the bank grew by 35.5% to $62.1 billion, while assets of the National Fund increased by 8.1% to $63.6 billion.
Suleimenov noted that since the beginning of the year, revenues to the bank totaled 3.6 trillion tenge (US$7.91 billion), while transfers to the republican budget amounted to 4.9 trillion tenge (US$10.8 billion). Investment income of the National Fund over 11 months reached 13.7%, or $8.2 billion.
Transport sector sees strong expansion
The transport sector demonstrated robust growth, with the market for transport services expanding by 20.3% over the January-November 2025 period, Vice Minister of Transport Maksat Kaliakparov said. Passenger mobility increased significantly, with passenger traffic rising by 11.9% to 1.76 billion people.
Astana emerged as the regional leader, recording a 154.1% increase driven by higher volumes of warehousing services and freight transportation. Strong growth was also registered in the Zhetisu region at 136.6% and Kostanai region at 133.8%.
Oil production and exports
Vice Minister of Energy Sungat Yesimkhanov highlighted that oil and gas condensate production reached 91.9 million tons in January–November 2025, exceeding the same period last year by 14.1%. The full-year oil production plan stands at 96.2 million tons.
Oil exports also showed strong growth, reaching 73.4 million tons over 11 months, or 116.1% compared to the same period in 2024.
Inflation continues to slow
Annual inflation in Kazakhstan eased to 12.4% in November, Suleimenov said. Food prices remain the largest contributor to inflation, with annual food inflation at 13.4%, reflecting high global food prices and rising domestic production costs.
Despite these pressures, the government noted that macroeconomic indicators point to increasing stability, supported by investment growth, expanding reserves, and sustained activity in key sectors of the economy.
