Español
  Français

The Economic Activity of Kazakhstan

You are here: Countries / Kazakhstan

Some of the world’s economic leaders have agreed that Kazakhstan has the largest economy in Central Asia, owing to its large fossil fuel reserves and mineral deposits. Its economic success is brought about largely by oil, gas and mineral exports, supported by silver, zinc and nickel which have the largest export market in West Asia. Reforms undertaken by the government for taxation and finance have also contributed to make an upturn in the economy. Foreign investments have also played an important role in the economic growth, accounting for 30.3% of gross domestic product (GDP). These investments are put in many of the country’s economic projects and activities such as those in the industrial and machine building sectors. The industrial sector concentrates on the extraction or mining and processing of natural resources, while the machine building industry specializes in agricultural machinery, tractors and construction equipment. The signing of the Caspian Pipeline Consortium is one major project that attempts to further increase exports and improve national economy. This project has built a pipeline from Tengi’s Field in Western Kazakhstan to the Black Sea.

Aside from oil, gas and minerals, the country’s other main export commodities include grain, machinery, chemicals, ferrous materials, and oil-related products. Not left behind in the economic growth is the banking system of the country, which is being patterned after those in Central Europe, and the agricultural sector, which has a big potential for productivity not only for local consumption but also for the needs of other countries. The country’s steppe lands can also be used both for grain production and livestock.