Kazakhstan Economy - 2024

Economic overview

oil and gas giant, with growing international investment; domestic economy hit hard by COVID-19 disruptions; reforming civil society and improving business confidence; legacy state controls and Russian influence inhibit growth and autonomy

Real GDP (purchasing power parity)

$496.126 billion (2021 est.)
$475.672 billion (2020 est.)
$487.869 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.3% (2021 est.)
-2.5% (2020 est.)
4.5% (2019 est.)

Real GDP per capita

$26,100 (2021 est.)
$25,400 (2020 est.)
$26,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$181.194 billion (2019 est.)

Inflation rate (consumer prices)

6.75% (2020 est.)
5.25% (2019 est.)
6.02% (2018 est.)

Credit ratings

Fitch rating: BBB (2016)

Moody's rating: Baa3 (2016)

Standard & Poors rating: BBB- (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 4.7% (2017 est.)

industry: 34.1% (2017 est.)

services: 61.2% (2017 est.)

GDP - composition, by end use

household consumption: 53.2% (2017 est.)

government consumption: 11.1% (2017 est.)

investment in fixed capital: 22.5% (2017 est.)

investment in inventories: 4.8% (2017 est.)

exports of goods and services: 35.4% (2017 est.)

imports of goods and services: -27.1% (2017 est.)

Agricultural products

wheat, milk, potatoes, barley, watermelons, melons, linseed, onions, maize, sunflower seed

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

5.1% (2021 est.)

Labor force

9.248 million (2021 est.)

Unemployment rate

4.9% (2021 est.)
4.89% (2020 est.)
4.8% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 3.7% (2021 est.)

male: 3.3%

female: 4.3%

Population below poverty line

4.3% (2018 est.)

Gini Index coefficient - distribution of family income

27.8 (2018 est.)

Average household expenditures

on food: 44.9% of household expenditures (2018 est.)

on alcohol and tobacco: 1.7% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4.2%

highest 10%: 23.3% (2016)

Remittances

0.16% of GDP (2021 est.)
0.22% of GDP (2020 est.)
0.28% of GDP (2019 est.)

Budget

revenues: $29.955 billion (2020 est.)

expenditures: $41.994 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1.8% (of GDP) (2017 est.)

Public debt

26.63% of GDP (2020 est.)
18.48% of GDP (2019 est.)
21.99% of GDP (2018 est.)

Taxes and other revenues

8.32% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$7.862 billion (2021 est.)
-$7.59 billion (2020 est.)
-$8.282 billion (2019 est.)

Exports

$66.132 billion (2021 est.) note: data are in current year dollars
$52.355 billion (2020 est.) note: data are in current year dollars
$65.919 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 13%, Italy 12%, Russia 10%, Netherlands 7%, France 6%, South Korea 5% (2019)

Exports - commodities

crude petroleum, gold, copper, iron alloys, natural gas (2021)

Imports

$49.196 billion (2021 est.) note: data are in current year dollars
$46.218 billion (2020 est.) note: data are in current year dollars
$52.539 billion (2019 est.) note: data are in current year dollars

Imports - partners

Russia 34%, China 24% (2019)

Imports - commodities

packaged medicines, natural gas, cars, broadcasting equipment, aircraft (2019)

Reserves of foreign exchange and gold

$34.378 billion (31 December 2021 est.)
$35.638 billion (31 December 2020 est.)
$28.958 billion (31 December 2019 est.)

Debt - external

$159.351 billion (2019 est.)
$163.73 billion (2018 est.)

Exchange rates

tenge (KZT) per US dollar -

Exchange rates:
425.908 (2021 est.)
412.953 (2020 est.)
382.747 (2019 est.)
344.706 (2018 est.)
326.001 (2017 est.)