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.