Kazakhstan posts strong growth, but IMF signals slowdown ahead

International Monetary Fund

Kazakhstan’s economy grew by 6% in early 2025, showing strong momentum across major sectors.

In the first four months of 2025, Kazakhstan’s real GDP rose 6% year-on-year, up from 4.8% at the end of 2024, according to the International Monetary Fund. Growth was driven by robust activity in services, transport, construction, manufacturing, and extractive industries. However, the IMF expects full-year growth to slow to around 5%, citing weaker demand from trading partners and lower global oil prices.

Medium-term non-oil GDP is projected to grow at a steadier 3.5%. Domestic demand remains solid, supported by credit expansion, loose fiscal policy, and increased public infrastructure spending. Despite the strong start, risks from global economic trends and oil price volatility remain a concern.

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