Current Account Balance: Kazakhstan

Analysis# Kazakhstan Current Account Balance Kazakhstan's current account balance stands at -4% of GDP in 2026, reflecting persistent external imbalances despite significant volatility over three decades. The country peaked at 7.3% of GDP in 2011 during commodity export strength, while the catastrophic low of -51.7% in 1992 marked the chaotic post-Soviet transition. Since 1992, the metric has improved by 92.3 percentage points, indicating a long-term stabilization despite ongoing deficits. Recent years reveal a concerning pattern of deterioration. Kazakhstan achieved a rare surplus of 2.9% in 2022, likely driven by elevated energy prices following Russia's invasion of Ukraine. However, the subsequent three years show a return to deficit territory, with the current account sliding to -4% by 2026. This downward trajectory suggests structural challenges in maintaining external balance, potentially reflecting import pressures and reduced commodity revenues ahead.