Kazakhstan enters world’s top 50 largest economies

In its October World Economic Outlook, the International Monetary Fund (IMF) estimated Kazakhstan’s nominal GDP for 2026 at nearly USD 398 bln. Based on these data, Visual Capitalist compiled a ranking of the world’s economies by size, El.kz reports.

Kazakhstan ranked 47th globally. Chile and Peru ranked higher, while Portugal, Finland and Greece were placed below Kazakhstan. The ranking is based on IMF projections expressed in current US dollars at market exchange rates.

How Kazakhstan’s ranking has changed over the past year

A year ago, the IMF’s projections were more conservative. At that time, Kazakhstan was at the bottom of the world’s top 50 economies, with GDP estimated at approximately USD 320 bln.

In the spring, the Fund revised its estimates upwards, allowing the country to move up one place. Kazakhstan overtook Finland, New Zealand and Hungary in terms of economic size.

The October forecast placed the country even higher in the ranking, ahead of Portugal. Over the course of the year, the estimated value of Kazakhstan’s nominal GDP increased by nearly one-quarter.

Kazakhstan is growing faster than many major economies

According to the IMF, Kazakhstan’s real GDP is projected to grow by 4.4% in 2026. This exceeds the expected growth rates of the economies of the US, the euro area, Germany, Russia and Japan.

Among the major economies highlighted in the Fund’s report, only India and China are projected to record higher growth rates. Meanwhile, global economic growth is forecast at 3.1%, according to the IMF.

Kazakhstan maintains its leading position in CA

Kazakhstan remains the largest economy in Central Asia, with a substantial lead over its neighbouring countries. Uzbekistan, which ranks second in the region by economic size, occupies 61st place in the global ranking.

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

According to the Fund’s projections, Kazakhstan’s GDP per capita is expected to exceed USD 19,000 by the end of 2026. Kazakhstan also maintains a considerable lead over its regional neighbours in this indicator.

Which sectors are driving economic growth?

Non-resource sectors are making the main contribution to GDP growth. According to the Ministry of National Economy of the Republic of Kazakhstan, the non-resource sector grew by 5.4% in January–September 2026.

The highest growth rate was recorded in construction, which expanded by 11.5%. Manufacturing, transport and trade also demonstrated positive growth.

The structure of the national economy is gradually changing. In the first half of the year, manufacturing accounted for 14.1% of GDP. Machinery manufacturing, the chemical industry and pharmaceuticals were among the fastest-growing sectors.

What does the IMF forecast for the coming years?

In 2027, IMF analysts expect Kazakhstan’s economic growth to accelerate to 4.9%. Inflation is also projected to slow, while the unemployment rate is expected to decline slightly.

According to the Fund’s estimates, Kazakhstan’s current account balance is projected to record a surplus equivalent to 0.5% of GDP in 2026. This reflects an expected positive balance of the country’s external transactions.

The IMF’s medium-term forecast, published in the spring, projected that Kazakhstan’s nominal GDP would exceed USD 500 bln by the beginning of the next decade. The same projections also anticipated further growth in GDP per capita over this period.