BAKU, Azerbaijan, June 20. Fitch Ratings has
affirmed Kazakhstan’s sovereign credit rating at “BBB” with a
Stable outlook, the country's Ministry of Economy says.
According to the agency’s assessment, Kazakhstan’s rating
continues to be supported by the country’s strong external
position, substantial net foreign assets, and low level of
government debt.
Fitch noted that higher oil prices in 2026 are expected to
further strengthen Kazakhstan’s external position. Foreign currency
assets of the National Fund reached $66.4 billion as of the end of
May 2026, increasing compared to the same period last year.
The agency expects Kazakhstan’s net foreign asset position to
remain among the strongest within its peer rating category.
Additional support for external resilience comes from the country’s
gross international reserves, which reached $67.6 billion in May
2026. The growth in reserves has been significantly supported by
elevated gold prices on global markets.
Fitch forecasts that Kazakhstan’s government debt will remain at
a low level of around 23% of GDP in 2026–2027.
Analysts also noted that Kazakhstan’s economy expanded by 6.5%
in 2025, with growth broad-based and accompanied by a significant
increase in transport sector performance.
According to Fitch, non-oil sectors, including transport,
manufacturing, and services, are expected to continue supporting
economic activity over the medium term.
According to the Ministry of National Economy, economic growth
reached 3.7% in the first five months of the year. The
manufacturing industry recorded growth of 9%, while output in the
machinery sector increased by 22.2%.
