Kazakhstan's public debt at 23% of GDP, below most countries

September 17, 2026 at 12:08 PM2 min

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Kazakhstan's public debt stands at about 23% of GDP, well below the global average of 58%, Vice Minister of National Economy Arman Kasenov said at the Kazakhstan Insurance Forum 2026. The country's debt burden is lower than in 92% of countries, he added. The budget deficit is expected to remain around 2.5% of GDP this year.

Key Facts

Kazakhstan's public debt is about 23% of GDP, compared with a global average of 58% and a weighted average of 93%.
Government debt rose from 16 trillion tenge in 2020 to 34 trillion tenge, while GDP grew from 70 trillion to 150.9 trillion tenge over the same period.
The debt-to-GDP ratio declined from 23.6% to 21.8%, a drop of 1.8 percentage points.
About 75% of government debt is domestic borrowing and 25% is external debt.
The budget deficit is planned to fall from 2.7% of GDP in 2025 to 2.5% in 2026 and 2.3% in 2027.

Debt Burden Comparison

Vice Minister of National Economy Arman Kasenov presented Kazakhstan's debt indicators at the Kazakhstan Insurance Forum 2026. He said the country's public debt is about 23% of GDP, below the global average of 58%. The weighted average global debt-to-GDP ratio is 93%, Kasenov noted. Kazakhstan's debt burden is lower than in 92% of countries, according to the vice minister.

Debt Dynamics and Structure

Vice Minister Azamat Amrin said government debt grew from 16 trillion tenge in 2020 to 34 trillion tenge, a 2.1-fold increase. GDP expanded 2.3 times over the same period, from 70 trillion to 150.9 trillion tenge. The debt-to-GDP ratio fell from 23.6% to 21.8%, a decline of 1.8 percentage points. Domestic borrowing accounts for about 75% of government debt, with external debt at 25%. Interest on domestic government securities is paid to local banks, the pension system and other domestic investors, keeping funds within the economy.

Budget Deficit and Fiscal Plans

Kasenov said Kazakhstan's budget deficit is about 2.5% of GDP and is expected to remain at that level this year. He cited the European Union, where a deficit of up to 3% of GDP is considered normal. Amrin said the government plans to cut the deficit from 2.7% of GDP in 2025 to 2.5% in 2026 and 2.3% in 2027. The non-oil deficit, excluding transfers from the National Fund, has been steadily declining over the past decade and will reach a 10-year low this year, Kasenov said.