New Rioni Capital Macroeconomic Review: Kazakhstan Between Domestic Growth and Oil-Related Risks
Kazakhstan’s economy continues to expand, supported by construction, manufacturing, trade and transport. At the same time, recent developments involving the Caspian Pipeline Consortium have highlighted how strongly the country’s economic performance still depends on the reliability of its oil export infrastructure.
In the new review, Rioni Capital analysts examine how disruptions to oil loadings through Novorossiysk could affect production, export revenues, the state budget, the tenge exchange rate and the National Bank’s decisions. The review also focuses on inflation, alternative export routes and the outlook for economic growth in the second half of 2026.
The full version of the review is now available on the Rioni Capital website.
In the new review, Rioni Capital analysts examine how disruptions to oil loadings through Novorossiysk could affect production, export revenues, the state budget, the tenge exchange rate and the National Bank’s decisions. The review also focuses on inflation, alternative export routes and the outlook for economic growth in the second half of 2026.
The full version of the review is now available on the Rioni Capital website.
