ASTANA, Kazakhstan, April 17. Deputy Prime
Minister and Minister of National Economy of Kazakhstan Serik
Zhumangarin and representatives of S&P, Moody’s, and Fitch
discussed the country's constitutional reforms during meetings in
Washington, D.C, Trend reports via the press service of the Kazakh
government.
Zhumangarin emphasized that sustainable economic development in
today’s environment depends not only on natural resources but
primarily on strong institutions, predictability, and public trust.
These principles, he noted, are firmly embedded in the country’s
updated Constitution.
''Among the government’s key priorities are the advancement of
education, science, innovation, and human capital, identified as
strategic pillars for long-term growth,'' he added.
Furthermore, Zhumangarin highlighted Kazakhstan’s solid economic
performance. Real GDP growth remained robust, reaching 6.5% in
2025. For the current year, growth is projected at 5-5.5%, while
the economy expanded by 3% in the first quarter, excluding
temporary factors related to oil production.
The Deputy Prime Minister underscored the continuation of
structural transformation within the economy. The share of the oil
sector in GDP declined significantly-from 16.5% in 2010 to 8.1% in
2024.
Agriculture and fertilizer supply were also discussed as part of
the broader economic agenda. Zhumangarin noted that Kazakhstan
currently has 27 fertilizer producers, including major companies
such as KazAzot and Kazphosphate. Domestic production covers
approximately 56% of national demand, while the majority of imports
come from Russia, a partner within the Eurasian Economic Union.
