Kazakhstan’s economy is experiencing a remarkable upswing. In the first half of 2025, the country’s gross domestic product (GDP) grew by 6.2% (6% in may, accelerated by 0.2% compared to the first five months of the previous year), marking its highest growth rate in 14 years (Qazinform). The announcement was made by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin during a government meeting held on July 15 in Astana (Prime Minister of the Republic of Kazakhstan, 2025, July 15).
This growth rate nearly doubles the 3.2% recorded during the same period last year and reflects the renewed strength of the national economy. Zhumangarin’s report highlighted the strong performance of both the real and services sectors, which grew by 8% and 5.2% respectively. Growth was particularly robust in construction, trade, industry, and communications, with notable increases of 22.7% in transport, 18.4% in construction, 8.4% in mining, 5.5% in manufacturing, and 3.7% in agriculture according to Astana Times.
Foreign trade also demonstrated resilience, with total trade volume reaching 31.4 trillion tenge (approximately $59.7 billion). This growth was largely driven by nine key product categories—oil and petroleum products, gas, household appliances, mobile phones, pharmaceuticals, engineering equipment, grain, and tobacco—which together accounted for over 45% of wholesale trade. Kazakhstan maintained a positive trade balance of $6 billion, despite global economic uncertainties.
In a parallel statement, Zhumangarin noted that foreign trade volume reached a high level in the first five months of the year, with $30 billion coming from exports. Grain and flour exports rose by 35.2%, totaling 11.8 million tons, including 9 million tons of net grain exports—the highest level in 13 years. Key export markets included Uzbekistan, Tajikistan, Iran, and Azerbaijan.
Prime Minister Olzhas Bektenov reaffirmed the national goal of reaching a GDP of $450 billion by 2029. “Last year, GDP stood at $286 billion. This year, based on current growth, we expect to surpass the $300 billion mark. With sustained and dynamic growth in the coming years, reaching $450 billion is entirely achievable,” he stated according to Astana Times.
To support this trajectory, the government is prioritizing investment in strategic sectors. Fixed capital investment rose by 19.3% in the first half of the year, with significant increases in education (3.5 times), financial and insurance services (+86.2%), manufacturing (+48.9%), healthcare (+32.8%), and transport (+16.2%). According to Zhumangarin, these investments are shaping the future economy, particularly in education, finance, and health.
The government has also outlined new priorities to ensure sustainable growth. Bektenov emphasized the importance of strengthening industrial capacity and diversifying the economy. This includes modernizing oil refining and metallurgy, renewing infrastructure, and developing sectors such as energy, agriculture, and rare earth mining. High-potential industries identified include petrochemicals, automotive manufacturing, railway equipment, and fertilizer production.
Through the national development institution “Bayterek,” approximately 8 trillion tenge in additional investment is expected to be mobilized. The government also plans to implement 190 industrial projects worth 1.5 trillion tenge.
Financial indicators remain strong. According to National Bank Governor Timur Suleimenov, gross international reserves have increased by 7.4% since the beginning of the year, reaching $112.3 billion. This includes a 13.5% rise in gold and foreign exchange reserves to $52 billion, while the National Fund has grown by 2.6% to $60.3 billion wrote Sakenova, S. for Astana Times.
As a strategic bridge between Asia and Europe, Kazakhstan is also focused on enhancing its transit potential. The government has called for the acceleration of efforts to expand transport corridors. Plans include the reconstruction of over 4,000 kilometers of highways, modernization of border checkpoints, development of new projects within the Trans-Kazakhstan railway corridor, and the creation of international air hubs. “These measures will allow us to double freight traffic by 2028,” Bektenov emphasized according to the Official Information Source of the Prime Minister of the Republic of Kazakhstan. (2025, July 15).
As Kazakhstan positions itself as a regional economic hub, the combination of strong macroeconomic performance, targeted investment, and strategic sectoral development suggests that the 2029 GDP target is not only ambitious but increasingly within reach.
BIBLIOGRAPHY
Kazakhstan Today. (2025, July 16). The Government ensured 6.2% GDP growth in the first half. https://www.kt.kz/eng/economy/the_government_ensured_6_2_gdp_growth_in_the_first_half_1377980066.html
Kazinform. (2025, July 15). Kazakhstan’s economic growth hits 6.2%. https://qazinform.com/news/kazakhstans-economic-growth-hits-62-f2eab9
Prime Minister of the Republic of Kazakhstan. (2025, July 15). Implementation of the President’s instructions on economic development: The Government ensured 6.2% GDP growth in the first half of the year. https://primeminister.kz/en/news/implementation-of-the-presidents-instructions-on-economic-development-the-government-ensured-62-gdp-growth-in-the-first-half-of-the-year-30266
The Astana Times. (2025, July 15). Kazakhstan delivers strongest half-year economic growth in 14 years. https://astanatimes.com/2025/07/kazakhstan-delivers-strongest-half-year-economic-growth-in-14-years/
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