Executive summary

The Republic of Kazakhstan, home of 17.5 million inhabitants has experienced a long period of high and sustained economic growth with a steady increase in GDP per capita and, in turn, improving overall socio-economic conditions. The exports of oil and gas resources have been a key driver of these positive trends. The share of growth generated by regions specialised in extractive activities and financial and insurance services contribute 72% of the total, while the remaining regions contribute 28%. Against this backdrop the decline in 2014 of the international price of oil highlighted the risks of dependence on natural resource activities. Furthermore, regions specialised in extractive industries have performed well, but benefits have not accrued to other sectors and regions.