BAKU, Azerbaijan, June 2. Kazakhstan’s economy
expanded robustly at the start of 2025, with real GDP growth
accelerating to 6 percent year-on-year in the first four months, up
from 4.8 percent at the end of 2024, according to the International
Monetary Fund (IMF), Trend reports.
The growth was largely driven by strong performances in the
services, transport, construction, manufacturing, and extractive
sectors.
The IMF mission to Kazakhstan, led by Ali Al-Eyd, projected that
growth will moderate to around 5 percent for the full year. The
anticipated slowdown reflects weaker performance among key trading
partners and the negative spillovers from lower global oil prices,
which could dampen activity outside the oil sector. Over the medium
term, non-oil GDP is expected to grow at a more sustainable pace of
around 3.5 percent.
Domestic demand remains resilient, supported by continued
consumer credit expansion and a loose fiscal policy. The IMF also
pointed to increased public infrastructure investment as an
important driver of growth.
Despite the current momentum, the fund cautioned that downside
risks remain, particularly from external factors such as slower
global growth and oil price volatility.