Kazakhstan has the largest and strongest performing economy in Central Asia. Supported by rising oil output and prices, Kazakhstan’s economy grew at an average of 8% per year until 2013, before suffering a slowdown in 2014 and 2015. Kazakhstan was the first former Soviet Republic to repay all of its debt to the International Monetary Fund, 7 years ahead of schedule.
Kazakhstan has a GDP of $179.332 billion and an annual growth rate of 4.5%. Per capita, Kazakhstan’s GDP stands at $9,686.
Kazakhstan ranks third, after China and Qatar, among the 25 most dynamic economies of the 21st century’s first decade. Kazakhstan’s increased role in global trade and central positioning on the new Silk Road has given the country the potential to open its markets to billions of people. Kazakhstan joined the World Trade Organisation in 2015.
Buoyed by high world crude oil prices, GDP growth figures were between 8.9% and 13.5% from 2000 to 2007 before decreasing to 1–3% in 2008 and 2009, and then rising again from 2010. Other major exports of Kazakhstan include wheat, textiles, and livestock. Kazakhstan is a leading exporter of uranium.
Kazakhstan’s economy grew by 4.6% in 2014. The country experienced a slowdown in economic growth from 2014 sparked by falling oil prices and the effects of the Ukrainian crisis. The country devalued its currency by 19% in February 2014. Another 22% devaluation occurred in August 2015.
Kazakhstan’s fiscal situation is stable. The government has continued to follow a conservative fiscal policy by controlling budget spending and accumulating oil revenue savings in its Oil Fund – Samruk-Kazyna. The global financial crisis forced Kazakhstan to increase its public borrowing to support the economy. Public debt increased to 13.4 per cent in 2013 from 8.7 per cent in 2008. Between 2012 and 2013, the government achieved an overall fiscal surplus of 4.5 per cent.