In more than 90 countries

Economic Overview

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Kazakhstan's economic growth is largely based on gas and oil revenues (around 35% of GDP and 75% of exports). In 2021, Kazakh GDP grew by 4.1%, as domestic demand, business spending and construction boom supported economic activity, but came down to 2.5% in 2022. According to the latest IMF forecast, growth is expected to increase in 2023 and 2024, at 4.4% and 4.5% of GDP respectively.

The COVID-19 pandemic fallout has affected the economy more than the 2008 and 2015 crises. The pandemic halted global activity in the second quarter of 2020, and depressed global demand and oil prices. Despite the government's diversification efforts, Kazakhstan is still dependent on oil prices and the economy relies heavily on hydrocarbon exports. This has made the economy even more vulnerable. Public debt reached 25.1% of GDP in 2021 and 23.3% in 2022, and is expected to increase to 24.4% in 2023 and 25.7% in 2024. The country's budget deficit reached -5% of GDP in 2021 but was reduced to -2% in 2022. The IMF forecasts another budget deficit of -1.9% for 2023 and -1% in 2024. Inflation rose to 8% in 2021 and more than 14% in 2022, but is expected to reach 11.3% in 2023 and 7.5% in 2024, according to the IMF's latest World Economic Outlook (January 2023).

Since 2015, Kazakhstan has been a member of the Eurasian Economic Union (with Russia, Belarus, Armenia and Kyrgyzstan), which could eventually be used to facilitate economic diversification. Kazakhstan is turning more to China for its development needs, while China needs the country to develop its "Silk Road" project: a railway terminal was opened on the Chinese side of the border in 2015. Anti-Chinese sentiment grew in the country in 2019 with sporadic mass protests against a backdrop of a perceived Chinese takeover of domestic economy. This sentiment remain very much present in 2022. Kazakhstan halted oil exports to China at the start of 2020 after discovering contaminated material in crude flows to China. The new Kazakh president Kassym-Jomart Tokayev now seeks to strengthen economic ties with China.

Emerging challenges include weakening global demand for fossil fuels, greater regional competition to attract investment, increased risks of instability in the financial sector and more need for accountable and transparent governance.

Unemployment rate remained stable at 4.9% in 2022, despite the negative economic effects of the Covid-19 pandemic. According to IMF estimates, unemployment should remain at 4.8% in 2023 and 2024. The World Bank's Kazakhstan Economic Update estimates that the country's poverty rate has increased to 12-14% in 2022 from a baseline of 6% in 2016. The government has implemented a substantial amount of direct support to businesses through tax deferrals and subsidised loans, and financial support to poor households and affected individuals. Volatile oil prices and uncertainty over the scale of global demand for hydrocarbons are other risks that could weaken export and pressure exchange rate. The recent increase in housing prices also makes home ownership less affordable and a steady rise in mortgage lending along with lifting of forbearance measures could expose the banking sector to higher NPLs in the event of future shocks. Moreover, with the heavily reliant on hydrocarbons, the country faces challenges arising from the emissions reduction and low-carbon transition (World Bank, 2022).

Main Indicators 202020212022 (E)2023 (E)2024 (E)
GDP (billions USD) 171.08197.11225.78245.70259.68
GDP (Constant Prices, Annual % Change) -
GDP per Capita (USD) 9,06310,10711,44012,30712,866
General Government Balance (in % of GDP) -6.7-5.10.1-1.9-1.1
General Government Gross Debt (in % of GDP) 26.425.123.525.927.0
Inflation Rate (%)
Unemployment Rate (% of the Labour Force)
Current Account (billions USD) -7.59-7.866.26-4.72-5.07
Current Account (in % of GDP) -4.4-4.02.8-1.9-2.0

Source: IMF – World Economic Outlook Database , October 2021

Country Risk

See the country risk analysis provided by La Coface.



Main Sectors of Industry

Kazakhstan benefits from multiple natural resources. Major deposits of oil, natural gas, coal, iron ore, manganese, chromium ore, nickel, cobalt, copper, lead, zinc, bauxite or uranium. The country also has a large agricultural area (ranked 14th world), composed of arable land and pastures. Agriculture suffered from a strong decline in the aftermath of the fall of the Soviet Union, but has recovered in the last 20 years. The sector accounts for 5% of GDP and employs 15% of the working population World Bank data, 2023). Agriculture in the country is extensive, but ageing infrastructure limits its development. More than half of the products are vegetable crops (cereals, including wheat, oilseeds, cucurbits). Kazakhstan is one of the world's leading wheat producers. Livestock and dairy industries account for a significant share of the agricultural sector. Kazakhstan is almost self-sufficient in agri-food.

The Kazakh industry has been growing in the last few years, now accounting for 35.3% of GDP and employing 21% of the working population. Metallurgy of ferrous and non-ferrous metals, hydrocarbon production, textiles, chemicals and pharmaceuticals and fertilizers are the main industrial products.

The tertiary sector is the main sector in Kazakhstan and growing steadily. It accounts for 53.9% of GDP and employs 64% of the working population. The financial sector, transport and technology are the main services produced in the country. The tourism sector, although not yet very developed, was experiencing strong growth. Unfortunately, the Covid-19 pandemic halted this development. Moreover, the pandemic has hit severely retail, hospitality, wholesale, and transport sectors, which account for around 30% of employment, and are mostly concentrated in cities.

Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 14.9 21.0 64.2
Value Added (in % of GDP) 5.0 35.3 53.9
Value Added (Annual % Change) -2.2 5.1 4.4

Source: World Bank - Latest available data.

Monetary Indicators 20162017201820192020
Kazakhstan Tenge (KZT) - Average Annual Exchange Rate For 1 USD 342.16326.00344.71382.70412.95

Source: World Bank - Latest available data.



Foreign Trade

Kazakhstan is open to international trade. According to the World Bank, the share of international trade in 2021 amounted to 58% of GDP (World Bank, 2023). Kazakhstan has an export-oriented economy that is highly dependent on shipments of oil and related products (57.2% of total exports). The country has been recording trade surpluses since 1998 mainly due to rise in shipments of oil and other commodities.In addition to oil, its main export commodities include natural gas, ferrous metals, copper, aluminum, zinc, uranium. Kazakhstan's main export products are raw materials, notably oil, petroleum products, coal, iron ore, machinery. Cereals, wool and meat are other major exports. The country imports mainly machinery, nuclear reactors, boilers, Electrical, electronic equipment, and radiotelephone transmitting devices.

Kazakhstan's main international customers are China (19.2% of all exports), Italy and Russia, while the main suppliers are Russia (34.9%), China, South Korea and Germany. Russia and Kazakhstan have undertaken joint projects in many areas, including energy. The government aims to improve the country's integration abroad to increase investment in the country. The country has been a WTO member since 2015 and has trade agreements with many countries in its region. It is also a member of the Eurasian Economic Union (Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan), and the Common Economic Zone (Belarus and Russia). The Enhanced Partnership and Cooperation Agreement (EPCA) was signed in 2015 between the country and the European Union, and a revised version entered into force in March 2020.

As oil and gas are among Kazakhstan's main exports, the country's trade balance is affected by global commodity prices. Kazakhstan’s total foreign trade turnover amounted to 91.3 billion USD over the period from January through November 2021, an increase of 15.4% compared to 79.1 billion USD during the same period last year. This means that the EU accounts for 31% of all Kazakh foreign trade. The increase is trade has largely been due to the increased amount of freight moving across Eurasia from China to Europe, with the trans-Kazakh route one of the heaviest used. Kazakh imports from China usually arrive by the same rail route and reached about US$8 billion in value in 2021. With these containers being offloaded at Kazakhstan, space is then available for Kazakh goods to continue west to Europe. Kazakhstan’s Statistics Committee has stated that Kazakhstan’s trade with the countries of the European Union reached 28.4 billion USD during the period January – November 2021, which is a 25.6% increase over the 22.6 billion USD achieved during the same period in 2020 (Silk road briefing, 2022). In 2021, total U.S.–Kazakhstan goods trade was 2.65 billion USD, with the United States holding a negative trade balance of 1.56 billion USD.

Kazakhstan recorded a trade surplus of 1309.10 USD Million in December of 2022 (Agency of Statistics of the Republic of Kazakhstan, 2023).

Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 29,26632,53437,75737,22241,171
Exports of Goods (million USD) 48,30460,95657,30946,44760,625
Imports of Services (million USD) 9,94911,85011,3317,9697,664
Exports of Services (million USD) 6,2617,0707,4674,8375,814

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 56.863.564.957.057.5
Trade Balance (million USD) 16,30024,83917,0449,24918,756
Trade Balance (Including Service) (million USD) 12,72220,17813,3806,13716,936
Imports of Goods and Services (Annual % Change) 1.06.614.9-9.0-2.7
Exports of Goods and Services (Annual % Change)
Imports of Goods and Services (in % of GDP) 24.425.928.426.524.0
Exports of Goods and Services (in % of GDP) 32.437.636.430.533.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change)
Volume of imports of goods and services (Annual % change)

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

International Economic Cooperation
Kazakhstan is a member of the Organization of Shanghai Cooperation, the Eurasian Economic Community, the Common Economic Area and the Organization of Economic Cooperation.

Main Partner Countries

Main Customers
(% of Exports)
Italy 16.4%
China 15.6%
Netherlands 6.5%
Türkiye 5.6%
South Korea 5.4%
See More Countries 50.5%
Main Suppliers
(% of Imports)
China 21.9%
Germany 4.5%
United States 3.8%
Türkiye 3.2%
South Korea 3.1%
See More Countries 63.5%

Source: Comtrade, Latest Available Data



Political Outline

Current Political Leaders
President:  Kassym-Jomart Tokaïev (since 20 March 2019)
Prime Minister: Alihan Smaiylov (since 5 January 2022)
Next Election Dates
Presidential: 2029
Senate (Upper House): 2026
Mazhilis (Lower House): 2026
Main Political Parties
The People’s Democratic Party “Nur Otan” is the most influential party and heads 76 of 107 available seats in the parliament. Opposition parties are authorised but hardly have any real chance to win power. The main political parties of the country are:

- People's Democratic Party "Nur Otan" (Light-Fatherland): centre, largest political party
- Democratic Party of Kazakhstan (Ak Zhol/Bright Path): centre, pro-reform, pro-business
- Auyl People's Democratic Patriotic Party: social democracy, agrarianism
- Communist People's Party of Kazakhstan (QKHP): opposition, left-wing
- Nationwide Social Democratic Party: less than 1% of the vote
Executive Power
The President is the head of the State and also the Commander-in-chief of the army. He can propose constitutional amendments, appoint and revoke the government, dissolve the parliament and call for referendum when he wants. The Prime Minister is the head of the government. He and the Council of Ministers are appointed by the President.
Legislative Power
The Parliament consists of two houses. The Mazhilis, the lower house, consists of 107 members, 98 of which are elected from party lists. The remaining 9 members are appointed from the Assembly of People of Kazakhstan. The Senate, the upper house, is formed of 49 members, 34 of which are elected. The remaining 15 members are appointed by the President.


COVID-19 Country Response

Travel restrictions
Regularly updated travel information for all countries with regards to Covid-19 related entry regulations, flight bans, test and vaccines requirements is available on TravelDoc Infopage.
To find information about the current travel regulations, including health requirements, it is also advised to consult Travel Regulations Map provided and updated on a daily basis by IATA.
Import & export restrictions
A general overview of trade restrictions which were adopted by different countries during the COVID-19 pandemic is available on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan
ry and macroeconomic) undertaken by the government of Kazakhstan, please consult the country's dedicated section in the IMF’s Policy Tracker platform.
Support plan for businesses
For an evaluation of impact of the Covid pandemic on SMEs and an inventory of country responses to foster SME resilience, refer to the OECD's SME Covid-19 Policy Responses document.
You can also consult the World Bank's Map of SME-Support Measures in Response to COVID-19.