Subscribe to Research notes
Keep up to date with all the news!
Your Partner
on capital market!
on capital market!
Analytics center
Analytics center
Analytics Center focuses on the analysis and forecasting of macroeconomic indicators and key sectors of Kazakhstan.
Macroeconomic report for Q3 2025 and forecasts for 2026: the economy is entering a cooling phase
In the third quarter of 2025, Kazakhstan’s economy maintained positive momentum, although growth is gradually slowing.
31 october 2025, Halyk Finance Analytical center
Download
Macroeconomic report for H1 2025: accelerating growth and a balance of stability
In the first half of 2025, Kazakhstan’s economy demonstrated notable acceleration. GDP growth reached a record 6.2% yoy, driven by strong expansion in the transport, construction, mining, and manufacturing sectors.
29 july 2025, Analytical center
Download
Macroeconomic report for Q1 2025: growth acceleration and stability risks
Kazakhstan’s economy experienced significant acceleration in the first quarter of 2025: according to preliminary government estimates, real GDP grew by 5.8% yoy (compared to 3.8% yoy in Q1 2024).
2 may 2025, Analytical center
Download
Macroeconomic report 1Q2023
Due to good stance in the non-commodity sector in 1Q2023, Kazakhstan's economy showed solid growth at 4.9% yoy (the highest growth rate over the past 11 years).
19 may 2023, Halyk Finance Research
Download
Macroeconomic report 4Q2022
In 2022, Kazakhstan’s economy experienced the same challenges as the global economy as a whole – record consumer inflation, rapid and widespread tightening of monetary conditions, reduced household consumption, deteriorating residential real estate market, as well as negative consequences of the military conflict in Ukraine.
21 february 2023, Halyk Finance Research
Download
Macroeconomic report 3Q2022
Disruptions in the oil and gas industry and subdued consumer activity led to a slowdown in the economy of the Republic of Kazakhstan in 9M2022 to 2.8% yoy from 3.6% yoy in 1H2022 and 4.6% yoy in 1Q2022.
16 november 2022, Halyk Finance Research
Download
Trading ideas department
Trading ideas department
Trading Ideas Department analyzes Kazakhstani and foreign issuers, prepares investment recommendations and reports on equity and debt instruments.
Overview of retail trade
In 2022, in our opinion, due to the persistence of the negative effects of external shocks, the return of households to the pre-pandemic consumption model will be slow, and the growth rate of retail trade turnover will be 3-4% yoy.
24 june 2022, Halyk Finance Research
Download
External trade of RK in January-April 2022
We expect that the strengthening of the tenge and further stabilization of the economy will stimulate an increase in imports and, as a result, will lead to a reduction in the trade surplus in the coming months of this year.
17 june 2022, Halyk Finance Research
Download
Macroeconomic report 1Q2022
In 1Q2022 high oil prices and other export commodities of Kazakhstan against the backdrop of significant expansion of government spending contributed to the acceleration of Kazakhstan’s GDP growth to 4.4% yoy.
16 may 2022, Halyk Finance Research
Download
Inflation in April 2022
After a sharp acceleration in March to 3.7% mom, consumer inflation slowed down in monthly terms to 2% in April.
4 may 2022, Halyk Finance Research
Download
Macroeconomic report 4Q2021
In 2021, rising commodity prices, significant inflows of budgetary and non-budgetary funds into the real sector of the economy, as well as the acceleration of consumer lending and the withdrawal of savings from the UAPF contributed to the recovery of the growth rate of the Kazakhstani economy to the pre-crisis level of 4% yoy.
16 march 2022, Halyk Finance Research
Download
When using material from these publications, a link to the original source is required.
