ASTANA, Kazakhstan, July 1. In January–May 2026, Kazakhstan’s fixed capital investment reached 6.74 trillion tenge ($13.86 billion), reflecting a 7% year-on-year growth in comparable prices, according to data from the Bureau of National Statistics.
The analysis, prepared by Trend based on official statistics, indicates that this growth reflects ongoing investment activity linked to infrastructure development. At the same time, regional and sectoral data suggest notable shifts in investment distribution, although these trends should be interpreted within a limited time horizon.
Regional dynamics show a strong divergence in investment performance. The Ulytau region recorded a 2.5-fold increase in capital investment, while Zhambyl and Turkestan regions also posted double-digit growth. In contrast, the Jetisu region and the city of Shymkent saw declines of 31.4% and 18.2%, respectively.
From a sectoral perspective, construction and capital repairs remain the dominant component, accounting for 60.1% of total investment. A 30% decline in budget-funded projects compared to the same period in 2025 suggests a reduction in state-driven investment activity; however, this may also be linked to project completion cycles or a shift toward alternative financing mechanisms.
Private enterprises accounted for 67.4% of total investment financing, indicating a relatively high role of corporate investment activity. At the same time, bank credit remains limited at 5.7%, suggesting that investment is primarily supported by internal corporate resources rather than debt financing or external leverage.
Overall, the current structure suggests that the sustainability of investment growth will likely depend on continued private sector activity, although broader financing channels and public investment cycles may also influence outcomes in the second half of 2026.
The concentration of investment in mining and real estate, along with a decline in education-related spending, may warrant monitoring from a long-term development perspective, although current data is insufficient to confirm a structural shift in human capital investment.
The currency conversions are based on the official exchange rate of 1 USD = 486.19 tenge as of June 24, 2026.
