Kazakhstan’s economy is expected to grow by an average
of more than 5% a year over the next three years. The Government has presented
a draft socio-economic development forecast for 2027–2029. The economy is
projected to expand from nearly 200 trillion tenge in 2027 to 245 trillion
tenge in 2029. Non-oil sectors are expected to be the main drivers of growth.
Manufacturing is projected to expand by an average of nearly 6% annually. Positive
growth is also expected in metallurgy, mechanical engineering, the chemical and
food industries, construction materials production, and other sectors.
«Agriculture will also
be one of the drivers of economic growth, with an average annual increase of at
least 5%. In construction, the growth rate 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, utilities and
social infrastructure,» noted Serik Zhumangarin,
Kazakh Deputy Prime Minister and Minister of National Economy.
The Government has also outlined national budget
spending for the next three years. In 2027, expenditures are expected to exceed
30 trillion tenge, an increase of 2.5 trillion tenge compared with the 2026
plan. The largest share of funding will go to the social sector, accounting for
nearly 35% of total spending. The budget provides 3.8 trillion tenge for the
development of the real sector of the economy. The funds will also be used to
continue major infrastructure projects.
«An important feature
of the budget formulation process was not merely to ensure an increase in
expenditure, but to maximize the return on every tenge of budget funds by
directing resources primarily toward fulfilling government obligations, developing
the economy, regions, and human capital. In determining expenditures for the
operation of state administrative bodies, the principles of efficiency and
effectiveness were observed, with measures taken to prevent unjustified
increases in administrative costs and maintain the balance of the national
budget,» said Kazakh Minister of
Finance Madi Takiyev.
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