Economy - overview:
Kazakhstan's vast hydrocarbon and mineral reserves form the backbone of its economy. Geographically the largest of the former Soviet republics, excluding Russia, Kazakhstan, g possesses substantial fossil fuel reserves and other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. The government realizes that its economy suffers from an overreliance on oil and extractive industries and has made initial attempts to diversify its economy by targeting sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing for greater development and investment. It also adopted a Subsoil Code in December 2017 with the aim of increasing exploration and investment in the hydrocarbon, and particularly mining, sectors.

Kazakhstan's oil production and potential is expanding rapidly. A $36.8 billion expansion of Kazakhstan’s premiere Tengiz oil field by Chevron-led Tengizchevroil should be complete in 2022. Meanwhile, the super-giant Kashagan field finally launched production in October 2016 after years of delay and an estimated $55 billion in development costs. Kazakhstan’s total oil production in 2017 climbed 10.5%.

Kazakhstan is landlocked and depends on Russia to export its oil to Europe. It also exports oil directly to China. In 2010, Kazakhstan joined Russia and Belarus to establish a Customs Union in an effort to boost foreign investment and improve trade. The Customs Union evolved into a Single Economic Space in 2012 and the Eurasian Economic Union (EAEU) in January 2015. Supported by rising commodity prices, Kazakhstan’s exports to EAEU countries increased 30.2% in 2017. Imports from EAEU countries grew by 24.1%.

The economic downturn of its EAEU partner, Russia, and the decline in global commodity prices from 2014 to 2016 contributed to an economic slowdown in Kazakhstan. In 2014, Kazakhstan devalued its currency, the tenge, and announced a stimulus package to cope with its economic challenges. In the face of further decline in the ruble, oil prices, and the regional economy, Kazakhstan announced in 2015 it would replace its currency band with a floating exchange rate, leading to a sharp fall in the value of the tenge. Since reaching a low of 391 to the dollar in January 2016, the tenge has modestly appreciated, helped by somewhat higher oil prices. While growth slowed to about 1% in both 2015 and 2016, a moderate recovery in oil prices, relatively stable inflation and foreign exchange rates, and the start of production at Kashagan helped push 2017 GDP growth to 4%.

Despite some positive institutional and legislative changes in the last several years, investors remain concerned about corruption, bureaucracy, and arbitrary law enforcement, especially at the regional and municipal levels. An additional concern is the condition of the country’s banking sector, which suffers from poor asset quality and a lack of transparency. Investors also question the potentially negative effects on the economy of a contested presidential succession as Kazakhstan’s first president, Nursultan NAZARBAYEV, turned 77 in 2017.

GDP (purchasing power parity):
$478.6 billion (2017 est.)
$460.3 billion (2016 est.)
$455.3 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: GDP country ranks ]

GDP (official exchange rate):
$159.4 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2017 est.)
1.1% (2016 est.)
1.2% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 78
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$26,300 (2017 est.)
$25,700 (2016 est.)
$25,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 79
[see also: GDP - per capita country ranks ]

Gross national saving:
23.7% of GDP (2017 est.)
21.4% of GDP (2016 est.)
25.1% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.2% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.1% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4.8% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 4.7% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34.1% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grain (mostly spring wheat and barley), potatoes, vegetables, melons; livestock

Industries:
oil, coal, iron ore, manganese, chromite, lead, zinc, copper, titanium, bauxite, gold, silver, phosphates, sulfur, uranium, iron and steel; tractors and other agricultural machinery, electric motors, construction materials

Industrial production growth rate:
5.8% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Industrial production growth rate country ranks ]

Labor force:
8.97 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 18.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 61.6% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5% (2017 est.)
5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 74
[see also: Unemployment rate country ranks ]

Population below poverty line:
2.6% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.3% (2016)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
26.3 (2013)
31.5 (2003)
country comparison to the world (CIA rank, may be based on non-current data): 149
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 35.48 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 38.3 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
22.3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 134
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 98
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
20.8% of GDP (2017 est.)
19.7% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 187
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
7.4% (2017 est.)
14.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 194
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
11% (10 April 2017)
12% (9 January 2017)
country comparison to the world (CIA rank, may be based on non-current data): 18
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14.17% (31 December 2017 est.)
15.34% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$14.99 billion (31 December 2017 est.)
$13.77 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 72
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$14.99 billion (31 December 2017 est.)
$13.77 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 73
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$54.92 billion (31 December 2017 est.)
$55.1 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 64
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$741.7 million (31 December 2016 est.)
$4.737 billion (31 December 2015 est.)
$26.23 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 107
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$5.353 billion (2017 est.)
-$8.874 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 185
[see also: Current account balance country ranks ]

Exports:
$49.29 billion (2017 est.)
$37.26 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 51
[see also: Exports country ranks ]

Exports - partners:
Italy 17.9%, China 11.9%, Netherlands 9.8%, Russia 9.3%, Switzerland 6.4%, France 5.9% (2017)

Exports - commodities:
oil and oil products, natural gas, ferrous metals, chemicals, machinery, grain, wool, meat, coal

Imports:
$31.85 billion (2017 est.)
$28.07 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 63
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, metal products, foodstuffs

Imports - partners:
Russia 38.9%, China 16.1%, Germany 5.1%, US 4.3% (2017)

Reserves of foreign exchange and gold:
$30.75 billion (31 December 2017 est.)
$29.53 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 50
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$167.5 billion (31 December 2017 est.)
$163.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 40
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$161.6 billion (31 December 2017 est.)
$143.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 37
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$35.04 billion (31 December 2017 est.)
$32.74 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
tenge (KZT) per US dollar -
326.3 (2017 est.)
342.13 (2016 est.)
342.13 (2015 est.)
221.73 (2014 est.)
179.19 (2013 est.)