Kazakhstan

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Kazakhstan - In Short.

Overview of Kazakhstan

Ethnic Kazakhs derive from a mix of Turkic nomadic tribes that migrated to the region in the 15th century. The Kazakh steppe was conquered by the Russian Empire in the 18th and 19th centuries, and Kazakhstan became a Soviet Republic in 1925. Repression and starvation caused by forced agricultural collectivization led to more than a million deaths in the early 1930s. During the 1950s and 1960s, the agricultural “Virgin Lands” program led to an influx of settlers (mostly ethnic Russians, but also other nationalities) and at the time of Kazakhstan’s independence in 1991, ethnic Kazakhs were a minority. Non-Muslim ethnic minorities departed Kazakhstan in large numbers from the mid-1990s through the mid-2000s and a national program has repatriated about a million ethnic Kazakhs (from Uzbekistan, Tajikistan, Mongolia, and the Xinjiang region of China) back to Kazakhstan. As a result of this shift, the ethnic Kazakh share of the population now exceeds two-thirds.Kazakhstan’s economy is the largest in the Central Asian states, mainly due to the country’s vast natural resources. Current issues include: diversifying the economy, obtaining membership in global and regional international economic institutions, enhancing Kazakhstan’s economic competitiveness, and strengthening relations with neighboring states and foreign powers.
Value
Country Full Name
Kazakhstan
Country Code
KAZ
Region
Europe & Central Asia
Income Group
Upper middle income
Currency Unit
GDP
1.71E+11
Population
18754440
Land Area
2699700
Net National Income Per Capita
6633.98322
GDP per Capita (PPP)
26754.377

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Kazakhstan - Economic

Economy of Kazakhstan

Kazakhstan’s vast hydrocarbon and mineral reserves form the backbone of its economy. Geographically the largest of the former Soviet republics, excluding Russia, Kazakhstan, g possesses substantial fossil fuel reserves and other minerals and metals, such as uranium, copper, and zinc. It also has a large agricultural sector featuring livestock and grain. The government realizes that its economy suffers from an overreliance on oil and extractive industries and has made initial attempts to diversify its economy by targeting sectors like transport, pharmaceuticals, telecommunications, petrochemicals and food processing for greater development and investment. It also adopted a Subsoil Code in December 2017 with the aim of increasing exploration and investment in the hydrocarbon, and particularly mining, sectors.Kazakhstan’s oil production and potential is expanding rapidly. A $36.8 billion expansion of Kazakhstan’s premiere Tengiz oil field by Chevron-led Tengizchevroil should be complete in 2022. Meanwhile, the super-giant Kashagan field finally launched production in October 2016 after years of delay and an estimated $55 billion in development costs. Kazakhstan’s total oil production in 2017 climbed 10.5%.Kazakhstan is landlocked and depends on Russia to export its oil to Europe. It also exports oil directly to China. In 2010, Kazakhstan joined Russia and Belarus to establish a Customs Union in an effort to boost foreign investment and improve trade. The Customs Union evolved into a Single Economic Space in 2012 and the Eurasian Economic Union (EAEU) in January 2015. Supported by rising commodity prices, Kazakhstan’s exports to EAEU countries increased 30.2% in 2017. Imports from EAEU countries grew by 24.1%.The economic downturn of its EAEU partner, Russia, and the decline in global commodity prices from 2014 to 2016 contributed to an economic slowdown in Kazakhstan. In 2014, Kazakhstan devalued its currency, the tenge, and announced a stimulus package to cope with its economic challenges. In the face of further decline in the ruble, oil prices, and the regional economy, Kazakhstan announced in 2015 it would replace its currency band with a floating exchange rate, leading to a sharp fall in the value of the tenge. Since reaching a low of 391 to the dollar in January 2016, the tenge has modestly appreciated, helped by somewhat higher oil prices. While growth slowed to about 1% in both 2015 and 2016, a moderate recovery in oil prices, relatively stable inflation and foreign exchange rates, and the start of production at Kashagan helped push 2017 GDP growth to 4%.Despite some positive institutional and legislative changes in the last several years, investors remain concerned about corruption, bureaucracy, and arbitrary law enforcement, especially at the regional and municipal levels. An additional concern is the condition of the country’s banking sector, which suffers from poor asset quality and a lack of transparency. Investors also question the potentially negative effects on the economy of a contested presidential succession as Kazakhstan’s first president, Nursultan NAZARBAYEV, turned 77 in 2017.

Unemployment Rate

Inflation Rate

Kazakhstan - GDP Composition

GDP Composiiton & Value Added of Kazakhstan

Last Updated: Jan, 2021, Updated For 2020.

Kazakhstan - GDP, Value Added

Demographics of Kazakhstan

most of the country displays a low population density, particularly the interior; population clusters appear in urban agglomerations in the far northern and southern portions of the country
Geographic Location

Central Asia, northwest of China; a small portion west of the Ural (Oral) River in easternmost Europe

Races

Kazakh (Qazaq) 68%, Russian 19.3%, Uzbek 3.2%, Ukrainian 1.5%, Uighur 1.5%, Tatar 1.1%, German 1%, other 4.4% (2019 est.)

Languages

Kazakh (official, Qazaq) 83.1% (understand spoken language) and trilingual (Kazakh, Russian, English) 22.3% (2017 est.); Russian (official, used in everyday business, designated the "language of interethnic communication") 94.4% (understand spoken language) (2009 est.)major-language

Religion

Muslim 70.2%, Christian 26.2% (mainly Russian Orthodox), other 0.2%, atheist 2.8%, unspecified 0.5% (2009 est.)

Dependency & Expectancy of Kazakhstan

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

See Other Countrie Data

We work with data offices across the world to supply you with comprehensive data across internet usage, economic, policy, trade, and digital channels from 216 countries.

Kazakhstan - Social Media Briefing

Kazakhstan - Social Media & Social Commerce

No data was found
No data was found
No data was found
No data was found
No data was found
No data was found

Politics & Policies of Kazakhstan

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB, CICA, CIS, CSTO, EAEU, EAPC, EBRD, ECO, EITI (compliant country), FAO, GCTU, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, MIGA, MINURSO, NAM (observer), NSG, OAS (observer), OIC, OPCW, OSCE, PFP, SCO, UN, UNCTAD, UNESCO, UNIDO, UN Security Council (temporary), UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO (observer), ZC

Import of Kazakhstan

Export of Kazakhstan

Import Destination

Export Destination