Kazakhstan’s Economy Expands 4.2%
Kazakhstan’s economy grew by 4.2% in January–September 2026, with manufacturing, construction, transport and trade serving as the main drivers of expansion. Deputy Prime Minister and Minister of National Economy Serik Zhumangarin presented the figures at a government meeting on Oct. 13.
The non-resource sector expanded by 5.4%, while investment in fixed capital reached 16.1 trillion tenge ($35.7 billion), up 7% year on year. Manufacturing recorded the strongest investment growth, rising 40.1%. Foreign direct investment inflows totaled $9.4 billion in the first half of the year.
Industrial production continued to strengthen, with manufacturing output increasing 8.6% over the first nine months. Light industry grew by 62.4%, chemical production by 23.4% and machinery manufacturing by 22.8%. Since the beginning of 2026, Kazakhstan has launched 106 industrial projects, creating approximately 8,000 permanent jobs.
Inflation eased to 9.3% in September from 9.8% in August. Meanwhile, the country’s gold and foreign exchange reserves reached $66.2 billion at the end of September, while National Fund assets totaled $66.7 billion.
External trade and transport also supported economic activity. Exports of goods and services increased by 25.4% to $55.3 billion in the first half of the year, while transit cargo volumes rose 13.1% in January–September. Rail freight reached 241.7 million tons, and road freight totaled 270.4 million tons. Kazakhstan’s airlines carried 12.4 million passengers during the same period.
The energy sector remains a priority as the government works to address electricity shortages. Kazakhstan generated 91.7 billion kilowatt-hours of electricity in the first nine months of 2026 and plans to commission approximately 2.4 gigawatts of conventional power capacity this year. Projects include the modernization of Almaty’s CHPP-2 and CHPP-3 and the construction of a 1,000-megawatt combined-cycle power plant in the Turkistan Region.
Renewable energy production reached 7.8 billion kilowatt-hours, with seven facilities totaling 212.6 megawatts entering operation this year. By the end of 2026, the government also plans to commission two solar power plants with a combined capacity of 30 megawatts and a 3.2-megawatt hydropower plant.
