Kazakhstan Frontier

Economy & industry overview

Kazakhstan is the largest landlocked country in the world and Central Asia's dominant economy, driven primarily by oil, natural gas, and mineral exports. The hydrocarbons sector (centred on the giant Tengiz, Kashagan, and Karachaganak fields) accounts for the majority of export revenues and a significant share of GDP. Mining of uranium (Kazakhstan is the world's largest producer), copper, zinc, chromite, and gold also forms a major pillar of the economy. The government has pursued diversification through initiatives such as the 'Economy of Simple Things' programme and development of the Astana International Financial Centre (AIFC). Nominal GDP reached approximately $291 billion in 2024, and the economy grew around 5% in real terms that year, supported by robust domestic demand and rising commodity output.

Key sectors

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Macro

GDP nominal, USD	$291.48B
GDP growth real, annual	5.0%
Inflation annual	8.6%
Population people	20.1M
GDP per capita USD	$14,005
Market cap total listed, USD	$38.00B
Market cap / GDP	13.0%
Unemployment	4.6%
Listed companies	130
Exchange	Kazakhstan Stock Exchange (KASE)

Data year: 2024. Sources: World Bank National Accounts Data 2024, IMF World Economic Outlook April 2026, FocusEconomics Kazakhstan Country Report, Kazakhstan Bureau of National Statistics, KASE Official Exchange Data 2024, Astana Times / Kazakhstan government labour data, Wikipedia Economy of Kazakhstan, Worldometer / IMF GDP data.

Local exchange & access

Exchange	Kazakhstan Stock Exchange
Code	KASE
Website	kase.kz
Currency	KZT

Local broker access

Direct retail access to KASE for non-resident foreign investors is limited; most international investors gain exposure through Freedom Finance (FRHC on NASDAQ, which operates Freedom Finance JSC brokerage on KASE), or through global brokers offering OTC access to Kazatomprom GDRs (LSE: KAP) and Kaspi.kz GDRs (LSE: KSPI / NASDAQ: KSPI). The AIFC's AIX exchange, co-located in Astana, hosts several dual-listed companies and uses the AIFC's English-law framework. Local brokerage accounts generally require in-person KYC or engagement with a KASE-member broker.

Global brokers with foreign-market access

• Interactive Brokers — Direct access to 90+ markets worldwide, including many emerging exchanges.
• Saxo Bank — Multi-market access across Asia, Europe and the Middle East.
• Charles Schwab (Global) — Foreign ordinary shares on select markets; US-listed ADRs and ETFs.
• Fidelity International Trading — International stock trading on a number of developed and emerging markets.

Listed for convenience only. Not a recommendation. Available markets, fees and onboarding rules differ by broker and by your country of residence.

Relocation & residency

Foreign-investor access

Kazakhstan has emerged as a notable destination for expatriate relocation, particularly from Russia following 2022. Astana and Almaty offer relatively accessible long-stay visa options for remote workers and entrepreneurs. The AIFC provides a common-law jurisdiction and English-language legal environment attractive to financial professionals. Cost of living is moderate relative to Western countries. The country operates on UTC+5 with no daylight saving time adjustment.