WIIW The Vienna Institute for International Economic Studies - Wiener Institut für Internationale Wirtschaftsvergleiche

Kazakhstan’s economy ended 2023 among CESEE’s top-performing economies, with strong private consumption and investment driving economic growth. Despite sluggish exports and skyrocketing imports to meet domestic demand, the economy grew by 5.1%. Private consumption was supported by wage increases, decelerating inflation and credit growth. However, we expect a slight slowdown in private consumption growth this year. By contrast, major investment in transport and logistics infrastructure (resulting from geopolitical shifts) and in modernisation of the energy system and utilities sector is likely to remain an important growth driver in the medium term. We expect the economy to grow by 4.7% in 2024 and by 4.9% in 2025-2026 – one of the fastest rates in CESEE.