Kazakhstan Projects GDP Growth Above 5% Over 2027-2029

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 14. Kazakhstan's government has submitted a draft law on the national budget for 2027-2029 to the Mazhilis, the lower house of parliament, for its first reading, with annual real GDP growth projected to exceed 5% throughout the period.

According to the press service of the Kazakh government, the bill was prepared in line with the requirements of the Budget Code and instructions from the President of Kazakhstan Kassym-Jomart Tokayev.

Deputy Prime Minister and Minister of National Economy Serik Zhumangarin presented the country's socioeconomic development forecast for 2026-2028 to lawmakers during a Mazhilis session.

Under the baseline scenario, Kazakhstan's average annual real GDP growth is projected at 5.3% in 2027, 5.5% in 2028 and 5.4% in 2029.

Nominal GDP is expected to increase from 199.3 trillion tenge ($445.7 billion) in 2027 to 245 trillion tenge ($547.9 billion) in 2029. "Economic growth will be driven by increased output in non-oil sectors," Zhumangarin said.

Meanwhile, earlier, the International Monetary Fund (IMF) lowered its forecast for Kazakhstan's economic growth in 2026 by 0.2 percentage points, compared with its July projection. The IMF expects Kazakhstan's gross domestic product (GDP) to grow by 4.4% in 2026, following growth of 6.5% in 2025.

The National Bank expects Kazakhstan's GDP to grow by 4.5%-5.5% in 2026. It forecasts economic growth of 3.5%-4.5% in 2027, while growth is expected to accelerate to 4%-5% in 2028.

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