Growth in fixed capital investment in Kazakhstan’s manufacturing sector accelerated markedly. In 2025, investment reached a record KZT 3 trillion, up 43.7% year on year in nominal terms. In real terms, growth stood at 39%. By comparison, total fixed capital investment increased by 20.7% to KZT 23.5 trillion (physical volume rose by 16.7%), while capital investment in industry grew by 22.3% to KZT 9.5 trillion (up 18.3% in real terms).
Investment in manufacturing has now increased in real terms for the second consecutive year. In 2024, investment rose by 27% in nominal terms to KZT 2.1 trillion (up 24.4% in real terms). In 2022 and 2023, investment increased by 2.9% annually in nominal terms, but after adjusting for price changes, capital investment declined by 2.4% and 1.1%, respectively. Compared with 2015, investment increased 3.8-fold in nominal terms.
Manufacturing’s share of investment also increased alongside the growth in capital spending. In 2025, the sector accounted for 12.7% of all fixed capital investment, up from 10.7% a year earlier. This was the highest level recorded since observations began in 2003. Manufacturing’s share of total industrial capital investment reached 31.3%, compared with 26.7% in 2024. Thus, almost a third of all funds invested in industry went to manufacturing.
Relative to the size of the economy, investment activity in manufacturing also strengthened. In 2025, capital investment in the sector amounted to 1.9% of GDP, up from 1.5% a year earlier. This was one of the highest levels of the past ten years: the figure was higher only in 2015 and 2018, when it reached 2%. In 2019–2024, manufacturing investment as a share of GDP generally ranged between 1.4% and 1.8%.
At the same time, overall investment activity in the economy remains below its level of a decade ago. Total fixed capital investment amounted to 14.7% of GDP in 2025, compared with 17.2% in 2015. Industrial capital investment as a share of GDP declined even more markedly over the period, from 9.4% to 6%.
The positive trend has continued this year. In January–June 2026, fixed capital investment in manufacturing reached KZT 1.4 trillion, up 41.5% year on year in nominal terms. In real terms, capital investment increased by 33.3%. The sector accounted for 15% of all fixed capital investment and 36.3% of investment in industry. Thus, more than a third of industrial investment is now directed to manufacturing.
