Kazakhstan Economy Grows 4.2 Percent Amid Slowing Inflation
Kazakhstan reported 4.2 percent economic growth for the first nine months of 2026, driven by non-resource sectors despite a decline in oil production.
The economy of Kazakhstan grew by 4.2 percent during the first nine months of 2026. This expansion was primarily driven by a 5.4 percent increase in the non-resource sector, with construction, manufacturing, transport services, and trade accounting for over 75 percent of the overall GDP growth.
Despite the general growth, oil production decreased by 8.3 percent to 69.4 million tons. The state budget faced additional pressure from the appreciation of the national currency and a decline in domestic demand caused by slowing consumer lending.
Annual inflation slowed to 9.3 percent in September 2026, down from 9.8 percent in August, aided by a 0.1 percent drop in food prices. Deputy Prime Minister Serik Zhumangarin stated that "Containing inflation is one of the government's priorities in its efforts to increase real incomes."
Forecasts for the remainder of the year vary. The National Bank of Kazakhstan expects 2026 inflation to land between 9 percent and 11 percent, targeting 5 percent by 2028. The Eurasian Fund for Stabilization and Development lowered its forecast to 9.5 percent, while the International Monetary Fund predicts a higher rate of 10.3 percent.
