Kazakhstan’s real GDP grew by 4.8% in 2024, with a target of 7% for 2025. Achieving this goal depends on the timely implementation of investment projects in key sectors, particularly oil and gas, according to the official information resource of the Prime Minister of Kazakhstan.
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin chaired a meeting of the headquarters for ensuring economic growth, focusing on the potential of the oil and gas industry and investment development in the Mangistau region.
Vice Minister of Energy Yerlan Akkenzhenov reported that oil refining in January 2025 reached 1.53mn tons, a 4% increase from the previous year, exceeding the planned target by 0.6%. While oil refining currently contributes less than 1% to GDP—0.8% in 2023 and 0.6% in the first nine months of 2024—it remains a priority due to its high-value-added production.
The sector is set to expand further with the completion of the CaspiBitum JV expansion in May 2025, increasing its refining capacity from 1mn to 1.5mn tons. By 2026, Kazakhstan’s total refining capacity is expected to rise from 18mn to 18.5mn tons.
Zhumangarin also addressed challenges in fully utilizing large processing plants and mini refineries.
“In the absence of serious external factors, the oil refining industry has a strong potential to increase its contribution to Kazakhstan’s GDP this year,” he noted.
The meeting further examined the economic performance of the Mangistau region, which has a 7% growth target for 2024. However, January results showed underperformance in agriculture and fisheries (87.5% vs. a target of 101%) and trade (102% vs. 105.4%).
Given that trade accounted for 19% of GDP in 2024, Zhumangarin instructed officials to align sectoral growth with national targets. A future meeting will focus on trade, transport, and warehousing.
Additionally, concerns over the low utilization of budget-investment funds in the region were discussed. The Deputy Prime Minister emphasized the need for targeted financing of projects that directly contribute to economic growth and the real sector.
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