Kazakhstan’s economy is entering a new phase of growth, with the country's gross domestic product (GDP) expected to exceed $300 billion by the end of 2025 for the first time, said President Kassym-Jomart Tokayev.
The president made the remarks at a national awards ceremony for the Altyn Sapa, Paryz, and Best Product of Kazakhstan prizes, The Caspian Post reports, citing The Times of Central Asia.
Over the past decade, Kazakhstan’s GDP has shown consistent growth in absolute terms, with the exception of the pandemic year of 2020, when the economy contracted to $171.1 billion. Since then, the country has reached new historical highs each year, from $197.1 billion in 2021 to $288.41 billion in 2024. In 2025, growth is expected to reach a record level.The president noted that, over the past five years, growth in the real sector has become noticeably more balanced. Gross value added in the manufacturing industry increased by 25 percent, outpacing growth in the extractive sector.
“Economic growth is expected to exceed 6% this year,” Tokayev said. “Moreover, GDP is projected to exceed $300 billion for the first time”
The president highlighted that, over the past five years, growth in the real sector has become noticeably more balanced. Gross value added in the manufacturing industry increased by 25%, outpacing the growth of the extractive sector.
Investments in fixed capital grew by 70% over the same period, and labor productivity rose by 40%. As a result, non-resource exports doubled, the number of exporters tripled, and the geography of supply expanded to 140 countries.
According to Tokayev, small and medium-sized enterprises (SMEs) now account for 40% of GDP and remain one of the most dynamic segments of the economy.
“Over the past five years, the number of SMEs has increased by 1.5 times, and their output by 2.5 times. Today, 4.5 million people work in the business sector, almost half of the country’s employed population,” the president said.
Tokayev also placed particular emphasis on the finalization of certain provisions in the new Tax Code, which is set to take effect in 2026.
The president acknowledged that he had received a large number of appeals from entrepreneurs and instructed the government to carefully review the most problematic provisions.
“It is important to understand that the sustainable development of entrepreneurship is based on the fulfillment of mutual obligations: the state creates the climate, and businesses pay taxes. The government must find a reasonable balance, there is no other option,” he stated.
The president also called for continued development of the country’s digital business ecosystem to enhance transparency and reduce bureaucratic hurdles.
Kazakhstan plans to significantly increase investment in its economy over the next five years, with the goal of nearly tripling its volume by 2029.
