ASTANA, Kazakhstan, November 20. Kazakhstan is forecasting inflation in the range of 9-11 percent in 2026, Trend reports via the Kazakh government.
This statement was made by Serik Zhumangarin, Deputy Prime Minister and Minister of National Economy, during a session of the Senate of the Parliament of Kazakhstan while reviewing the parameters of the republican budget for 2026–2028.
He added that the inflation rate is projected at 5.5–7.5 percent in 2027 and 5–7 percent in 2028.
Zhumangarin also noted that real GDP growth is expected to reach 5.4 percent in 2026, with an average annual growth rate of 5.3 percent over the subsequent three years. Nominal GDP is anticipated to rise from 183.8 trillion tenge ($354.4 billion) in 2026 to 229.8 trillion tenge ($442.7 billion) by 2028.
According to him, this economic growth will be driven primarily by the expansion of the real sector and services. In the manufacturing sector, the growth rate is forecast to increase from 6.2 percent in 2026 to 6.6 percent in 2028 as a result of investment project implementation. Over the three-year period, average growth is projected at 2.8 percent in mining, 3.9 percent in agriculture, 11 percent in construction, 10.1 percent in transport services, and 6.7 percent in trade.
Furthermore, Zhumangarin stated that exports are expected to rise from $77.1 billion in 2026 to $83.7 billion in 2028, while imports are projected to increase from $67.7 billion to $75.2 billion during the same period.
According to the National Bank of Kazakhstan, the country's annual inflation eased to 12.6 percent in October, down from 12.9 percent in September,
Conversions to USD are based on the National Bank of Kazakhstan's official exchange rate of 1 USD = 519.41 KZT as of November 20, 2025.