Deputy Prime Minister - Minister of National Economy Serik Zhumangarin presented the draft forecast for the country's socio-economic development for 2027-2029 at a government meeting, Qazinform News Agency reports. The forecast is based on global economic development prospects and conditions in external markets.
According to Zhumangarin, Kazakhstan’s economy is expected to maintain steady growth despite ongoing external challenges. “Under the baseline scenario, average annual real GDP growth is projected to exceed 5% in 2027-2029. Nominal GDP is expected to increase from 199.3 trillion tenge in 2027 to 245 trillion tenge in 2029.
Economic growth will be driven primarily by increased output in the non-oil sectors. The processing industry is expected to grow faster than the mining sector, with metallurgy, mechanical engineering, construction materials, chemical industry, and food production serving as the main drivers,” Zhumangarin said.
Agriculture is also expected to contribute to economic growth, with average annual growth of at least 5%. Growth in the construction sector is projected to accelerate from 16% in 2027 to 17.3% in 2029. "This will be supported by the systematic implementation of projects aimed at further developing transport and logistics, energy, and water infrastructure, as well as modernizing housing, communications, and social infrastructure," he said.
The services sector is also expected to maintain positive growth. Trade is projected to expand by an average of 5.7% annually, transportation and warehousing by 10.4%, and the information and communications sector by 9.2%. Kazakhstan is expected to maintain a positive trade balance.
“Goods exports are projected to increase from $82.8 billion in 2027 to $88.5 billion in 2029, while imports are expected to rise from $80.5 billion to $88.4 billion,” Zhumangarin noted. The inflation forecast is set at 7.5-9.5% for 2027 and 6-8% for 2028-2029. Earlier, it was reported that the Government is discussing today the country’s socioeconomic development forecast for 2027–2029 and the draft law On the National Budget for 2027 - 2029.