Kazakhstan’s economy ranks 47th globally with GDP near $400 billion

The ranking is based on GDP measured in current US dollars at market exchange rates.

Kazakhstan ranks just below Chile and Peru, while Portugal, Finland and Greece are positioned lower on the list.

Kazakhstan’s economy grows in global ranking

The IMF’s estimates for Kazakhstan have increased significantly over the past year. A year ago, the country was at the lower end of the world’s 50 largest economies, with GDP estimated at approximately 320 billion US dollars.

In the spring, the fund revised its projections upward, moving Kazakhstan one position higher. At that time, the country overtook Finland, New Zealand and Hungary in terms of economic size.

The latest estimates have moved Kazakhstan further up the ranking, placing it ahead of Portugal. Overall, the estimated size of the country’s economy has increased by nearly a quarter over the past year.

Economic growth outpaces global average

According to the IMF, Kazakhstan’s real GDP is projected to grow by 4.4 percent this year, exceeding growth expectations for the United States, the Eurozone, Germany, Russia and Japan.

Among the major economies highlighted in the report, only India and China are expected to grow faster than Kazakhstan. Global economic growth is projected to reach 3.1 percent.

Kazakhstan remains Central Asia’s largest economy

Kazakhstan continues to have the largest economy in Central Asia by a considerable margin. Uzbekistan, the region’s next-largest economy, ranks 61st in the IMF’s October estimates.

Kazakhstan’s GDP is more than twice the size of Uzbekistan’s economy. The fund’s spring estimates also indicated that Kazakhstan’s economy was larger than those of the other Central Asian countries combined.

GDP per capita in Kazakhstan is expected to exceed 19,000 US dollars by the end of the year, placing the country significantly ahead of its regional neighbors on this measure.

Non-resource sectors drive economic expansion

Growth in non-resource sectors is making a substantial contribution to Kazakhstan’s economic expansion. According to the Ministry of National Economy of Kazakhstan, the non-resource sector grew by 5.4 percent between January and September.

Construction recorded the strongest growth, expanding by 11.5 percent. Manufacturing, transportation and trade also reported notable increases in output.

The structure of the economy is gradually changing as well. In the first half of the year, manufacturing’s share of GDP rose to 14.1 percent. Machinery manufacturing, the chemical industry and pharmaceuticals were among the fastest-growing segments.

IMF forecasts stronger growth in the coming years

The IMF expects Kazakhstan’s economic growth to accelerate to 4.9 percent next year. The fund also projects a slowdown in inflation and a slight decline in unemployment.

The country’s external position is expected to strengthen, with the current account projected to record a surplus equivalent to 0.5 percent of GDP this year.

The IMF’s medium-term outlook, published in the spring, projected that Kazakhstan’s nominal GDP would exceed 500 billion US dollars by the beginning of the next decade. GDP per capita is also expected to increase significantly over the same period.

Earlier, Qazinform News Agency reported in its review for Republic Day that Kazakhstan had achieved significant socio-economic progress and demographic growth following a seven-year period of national transformation.