National Bank Of Kazakhstan Raises GDP Growth Forecast For 2028

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 4. Kazakhstan's National Bank has kept its forecast for GDP growth in 2026 unchanged at 4.5–5.5%, while raising its 2028 forecast to 4–5% from the previously projected 3.5–4.5%, the bank said.

"The 2026 GDP growth forecast in the baseline scenario remains unchanged at 4.5–5.5%. Economic activity will continue to be supported by high investment activity amid the implementation of quasi-fiscal stimulus programs and stable consumer demand," the National Bank said.

According to the National Bank, increased fiscal stimulus is expected in 2027 compared with the assumptions of its previous forecast round and the previous parameters of the Government's Forecast of Socio-Economic Development. This will support investment and consumer activity.

At the same time, weaker projected oil production in 2027, due to the rescheduling of maintenance at Tengizchevroil (TCO) from 2026 to 2027, will partly offset the expansion of domestic demand. The National Bank expects GDP growth in 2027 to reach 4.5%.

"In 2028, GDP growth is expected to accelerate to 4–5% (from 3.5–4.5% previously), due to the effect of implementing sectoral and systemic reforms, the planned expansion of fiscal stimulus, as well as the recovery of oil production and exports," the National Bank said.

Kazakhstan's GDP growth accelerated to 4.1% in January-July 2026.

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