BAKU, Azerbaijan, November 2. Kazakhstan's gross domestic product is expected to reach $398 billion by the end of 2026, President Kassym-Jomart Tokayev said during a meeting with employees and trade union members of Qarmet in Temirtau city, according to the presidential press service.
"This is the highest figure in Central Asia. The share of manufacturing in the country's economy has exceeded 14%. All these achievements are the result of the hard work and large-scale constructive efforts of the people of Kazakhstan," he said.
The president highlighted Qarmet's contribution to the region's economic development, noting that the company had overcome a period of multi-billion-tenge losses and returned to net profit in 2025, with total revenue reaching 1.1 trillion tenge (about $2.4 billion).
A large-scale modernization programme is underway, with $3.5 billion to be invested by 2028. It focuses on introducing advanced technologies and digital solutions, as well as improving workplace safety.
Tokayev also pointed to the company's social initiatives, including the restoration of Temirtau's tram service and the launch of the Bolashakka Zhol programme to train and employ young specialists. Its first stage is expected to involve around 500 people from different regions.
The president said 2027 had been declared the Year of People's Large-Scale Construction. Around 6.5 trillion tenge (about $14.3 billion) is to be allocated to the nationwide programme by the end of 2029. It will cover the construction and renovation of roads, airports, railway stations, power plants, hospitals, schools and other civil infrastructure facilities across the country.
He added that demand for Kazakh steel used in construction and industry should increase as the programme progresses. Qarmet's products are already used in passenger bus manufacturing in Saran. A new casting and rolling complex is also being built to produce premium steel for the oil, nuclear and machine-building industries.
The currency conversion was made based on the National Bank of Kazakhstan's exchange rate of 453.87 tenge per US dollar as of November 2, 2026.
