Under the baseline scenario of the Forecast of Socio-Economic Development for 2027–2029, Kazakhstan’s average annual GDP growth is projected to exceed 5%. This was announced at a meeting of the Government by Deputy Prime Minister – Minister of National Economy Serik Zhumangarin.
“Nominal GDP is expected to increase from KZT 199.3 trillion in 2027 to KZT 245 trillion in 2029. Economic growth will be driven by increased output in the non-oil sectors. Growth in manufacturing is expected to outpace growth in the mining sector. The principal contribution to manufacturing growth will come from metallurgy, mechanical engineering, the production of construction materials, the chemical industry, and food production,” — Serik Zhumangarin reported.
The Deputy Prime Minister noted that agriculture will also be a key driver of growth, with annual growth of at least 5%. In the construction sector, the growth rate is expected to increase from 16% in 2027 to 17.3% in 2029, supported by the development of transport and logistics, energy, water, housing and utilities, and social infrastructure.
In the services sector, average annual growth is projected at 5.7% in trade, 10.4% in transportation and warehousing, and 9.2% in information and communications.
The foreign trade balance is expected to remain positive: exports of goods are projected to rise from USD 82.8 billion in 2027 to USD 88.5 billion in 2029, while imports are expected to increase from USD 80.5 billion to USD 88.4 billion.
The inflation target range is set at 7.5–9.5% for 2027, followed by a decline to 6–8% in 2028–2029.