ASTANA – Kazakhstan’s economy grew by 6.2% between January and June, the highest growth in 14 years, Deputy Prime Minister and Minister of National Economy Serik Zhumangarin said at a July 15 government meeting. Last year’s growth in the same period was 3.2%.
Olzhas Bektenov chairs a government meeting. Photo credit: primeminister.kz
Half-year economic growth was fueled by strong performance in the real sector, which expanded by 8%, and a 5.2% rise in services. Key contributors included a 22.7% surge in transport, an 18.4% increase in construction, 8.4% growth in mining, a 5.5% increase in manufacturing, and a 3.7% increase in agriculture, reported the Prime Minister’s press service.
Kazakhstan’s trade also grew by 8.4%, reaching 31.4 trillion tenge (US$59.7 billion) in the first half of 2025.
This growth was driven mainly by nine key goods such as oil and oil products, gas, household appliances, mobile phones, pharmaceuticals, engineering products, grain, and tobacco, which account for over 45% of wholesale trade.
“Kazakhstan continues to maintain a positive trade balance of $6 billion, despite a general decline in foreign trade,” said Zhumangarin.
Speaking at a press briefing following the government meeting, Prime Minister Olzhad Bektenov described the target set by the President to grow Kazakhstan’s economy to $450 billion by 2029 as “ambitious but achievable.”
“Last year, GDP stood at $286 billion. This year, based on current economic growth, we expect to cross the $300 billion mark. With sustained, dynamic growth in the years ahead, reaching $450 billion is well within our capacity,” said Bektenov.
Fixed capital investments rose by 19.3%, notably in education (3.5 times), financial and insurance activities (+86.2%), manufacturing (+48.9%), healthcare (+32.8%), and transport (+16.2%).
Grain and flour exports also surged by 35.2%, totaling 11.8 million tons, with grain exports hitting a 13-year high at nine million tons. Key markets include Uzbekistan, Tajikistan, Iran, and Azerbaijan.
According to National Bank Governor Timur Suleimenov, gross international reserves rose by 7.4% to $112.3 billion since the start of the year .
This includes a 13.5% increase in gold and foreign exchange reserves to $52 billion. Assets of the National Fund, a sovereign wealth fund that accumulates revenue from the country’s oil and gas sector, grew by 2.6% to $60.3 billion.
