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Economy of Kazakhstan vs Kuwait compared: GDP & Debt

Updated on by Georank team

Kazakhstan has a GDP of $291B compared to $160B for Kuwait, ranking 48/197 and 59/197 by economy size, respectively.

Kazakhstan has $71.1B in government debt (24.4% of GDP), compared to $4.68B (2.92% of GDP) in Kuwait.

Kazakhstan vs Kuwait GDP by year

Kazakhstan
Kuwait
1x
Year GDP, current $
Kazakhstan Kuwait
2024 $291,480,274,649 $160,227,273,053
2023 $261,840,101,060 $165,384,407,116
2022 $225,496,328,925 $183,502,046,694
2021 $197,112,255,361 $148,350,671,489
2020 $171,082,365,861 $111,045,470,606
2019 $181,667,184,855 $140,856,394,861
2018 $179,339,977,690 $138,646,316,351
2017 $166,805,788,827 $120,687,539,806
2016 $137,278,320,084 $109,406,674,125
2015 $184,388,404,706 $114,585,555,689
2014 $221,415,613,595 $162,650,450,685
2013 $236,634,603,409 $174,168,116,535
2012 $207,998,568,866 $174,047,662,680
2011 $192,626,464,617 $154,039,231,246
2010 $148,047,348,241 $115,416,245,242
2009 $115,308,686,941 $105,968,691,905
2008 $133,441,648,852 $147,379,737,230
2007 $104,849,915,058 $114,634,043,362
2006 $81,003,864,630 $101,557,330,723
2005 $57,123,671,734 $80,798,630,137
2004 $43,151,647,003 $59,439,090,601
2003 $30,833,692,900 $47,874,582,232
2002 $24,636,598,527 $38,135,788,414
2001 $22,152,689,180 $34,889,559,870
2000 $18,291,990,662 $37,718,743,480
1999 $16,870,817,182 $30,122,365,849
1998 $22,135,245,507 $25,943,705,784
1997 $22,165,932,063 $30,350,190,704
1996 $21,035,357,937 $31,492,373,309
1995 $20,374,302,652 $27,186,980,647
1994 $21,250,792,886 $24,848,483,838
1993 $23,409,260,880 $23,941,391,391
1992 $24,917,355,372 $19,858,555,215
1991 $24,923,076,923 $11,009,993,703
1990 $26,932,016,270 $18,427,777,778
1989 - $24,313,855,653
1988 - $20,690,322,153
1987 - $22,368,704,134
1986 - $17,903,989,745
1985 - $21,445,970,614
1984 - $21,700,082,753
1983 - $20,871,081,080
1982 - $21,577,153,356
1981 - $25,058,020,338
1980 - $28,638,868,356
1979 - $24,749,063,922
1978 - $15,503,557,496
1977 - $14,137,406,741
1976 - $13,132,252,802
1975 - $12,022,811,621
1974 - $13,006,948,296
1973 - $5,408,804,607
1972 - $4,450,537,925
1971 - $3,880,392,195
1970 - $2,873,638,851
1969 - $2,769,198,892
1968 - $2,662,798,935
1967 - $2,441,599,023
1966 - $2,391,199,044
1965 - $2,097,199,161
1964 - $2,071,668,533
1963 - $1,900,895,857
1962 - $1,828,107,503

Data sources: World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

GDP per capita in Kazakhstan vs Kuwait by year

Kazakhstan
GDP per capita

GDP per capita, PPP
Kuwait
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kazakhstan Kuwait
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $14,155 $40,891 $32,718 $52,444
2023 $12,879 $38,515 $34,076 $53,025
2022 $11,255 $35,895 $39,982 $55,043
2021 $9,984 $32,946 $34,019 $50,652
2020 $8,782 $29,040 $25,236 $41,462
2019 $9,457 $28,689 $31,708 $50,703
2018 $9,472 $25,096 $32,068 $51,371
2017 $8,943 $23,973 $29,048 $46,566
2016 $7,476 $23,023 $27,324 $41,862
2015 $10,196 $22,484 $29,882 $45,267
2014 $12,428 $23,958 $44,369 $68,337
2013 $13,478 $23,754 $49,651 $76,813
2012 $12,019 $21,367 $52,155 $82,090
2011 $11,287 $20,160 $49,170 $79,037
2010 $8,793 $18,642 $39,212 $75,184
2009 $6,938 $17,389 $37,907 $80,110
2008 $8,124 $17,278 $55,585 $90,337
2007 $6,449 $16,581 $45,709 $91,435
2006 $5,030 $14,966 $42,947 $89,075
2005 $3,577 $13,226 $36,123 $84,968
2004 $2,722 $11,777 $27,552 $77,227
2003 $1,958 $10,532 $22,691 $69,752
2002 $1,574 $9,504 $18,513 $59,713
2001 $1,422 $8,568 $17,374 $58,553
2000 $1,180 $7,418 $19,296 $58,703
1999 $1,092 $6,626 $15,854 $56,406
1998 $1,415 $6,284 $14,067 $58,344
1997 $1,382 $6,178 $16,977 $57,420
1996 $1,281 $5,836 $18,201 $56,913
1995 $1,218 $5,595 $16,168 $57,163
1994 $1,247 $5,860 $14,930 $53,946
1993 $1,355 $6,477 $14,318 $48,482
1992 $1,438 $6,945 $12,146 $36,149
1991 $1,442 $7,193 $8,147 $23,390
1990 $1,570 $7,874 $10,938 $30,763
1989 - - $10,965 -
1988 - - $9,692 -
1987 - - $10,896 -
1986 - - $9,077 -
1985 - - $11,322 -
1984 - - $11,919 -
1983 - - $11,965 -
1982 - - $12,979 -
1981 - - $15,825 -
1980 - - $19,032 -
1979 - - $17,386 -
1978 - - $11,567 -
1977 - - $11,238 -
1976 - - $11,141 -
1975 - - $10,882 -
1974 - - $12,527 -
1973 - - $5,532 -
1972 - - $4,836 -
1971 - - $4,486 -
1970 - - $3,552 -
1969 - - $3,695 -
1968 - - $3,872 -
1967 - - $3,887 -
1966 - - $4,176 -
1965 - - $4,024 -
1964 - - $4,379 -
1963 - - $4,445 -
1962 - - $4,748 -

Data sources: World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

Kazakhstan's GDP per capita is $14,155, ranking 71/197, compared to $32,718 in Kuwait, ranking 37/197. Adjusted for purchasing power (GDP per capita PPP), Kazakhstan ranks 58th at $40,891, while Kuwait ranks 40th at $52,444.

Economic indicators

Kazakhstan Kuwait
Gross domestic product
$291B
2024
$160B
2024
GDP rank
48/197
2024
59/197
2024
GDP growth
5%
2023-2024
-2.56%
2023-2024
GDP per capita
$14,155
2024
$32,718
2024
GDP per capita rank
71/197
2024
37/197
2024
GDP per capita, PPP
$40,891
2024
$52,444
2024
GDP per capita PPP rank
58/197
2024
40/197
2024
Government debt
$71.1B
2024
$4.68B
2024
Debt-to-GDP ratio
24.4%
2024
2.92%
2024
Government debt per person
$3,450
2024
$956
2024
Government debt per person rank
95/185
2024
143/185
2024
Average annual personal income after taxes
$7,486
2026
$23,828
2026
Market capitalization of domestic companies
$62.8B
2024
$141B
2024
Number of millionaires
44,307
2025
n/a
Number of billionaires
6
2025
n/a
Income share by richest 10%
24.8%
2021
n/a
Income share by poorest 10%
4.3%
2021
n/a
Government expenditure, % of GDP
20.7%
2024
50.4%
2024
Consumer prices inflation
8.7%
2023-2024
2.9%
2023-2024
Central bank interest rate
18%
2025
3.5%
2025
Unemployment rate
4.86%
2022
2.16%
2016
Population
21161809
5100145

Spending and national debt comparison by year

Kazakhstan
Spending

Debt
Kuwait
Spending

Debt
1x
Year % of GDP
Kazakhstan Kuwait
Government spending Government debt Government spending Government debt
2024 20.7% 24.4% 50.4% 2.92%
2023 23.4% 23% 48.3% 3.13%
2022 21.7% 23.5% 39.6% 2.95%
2021 22.1% 25.1% 48.3% 7.2%
2020 24.5% 26.4% 62.9% 10.2%
2019 20.2% 19.9% 50.3% 10.5%
2018 18.8% 20.3% 51.1% 14.3%
2017 24.1% 19.9% 51.9% 19.6%
2016 21.5% 19.7% 54.1% 9.88%
2015 22.9% 21.9% 55.4% 4.6%
2014 21.3% 14.5% 45% 3.43%
2013 19.8% 12.6% 38.4% 3.09%
2012 21.9% 12.1% 38.2% 3.6%
2011 21.2% 10.2% 39.7% 4.64%
2010 22.5% 10.7% 45.5% 6.16%
2009 23.5% 10.2% 42.9% 6.65%
2008 27.1% 6.77% 40.9% 5.38%
2007 23.7% 4.09% 30.4% 7.05%
2006 19.8% 6.68% 32.3% 7.79%
2005 22% 8.1% 28.8% 10.2%
2004 21.3% 11.4% 35.3% 13.9%
2003 21.4% 15% 38.2% 17.2%
2002 20.5% 17.6% 42.8% 21.3%
2001 - - 41.4% 23%
2000 - - 29.9% 21.4%
1999 - - 44.5% 25.5%
1998 - - 51.7% 25.6%
1997 - - 43.8% 24.3%
1996 - - 42.8% 26.5%
1995 - - 52% 34.9%
1994 - - 57.8% 37.7%
1993 - - 58.2% 28.8%
1992 - - 77.6% 27.9%
1991 - - 208.9% 45.3%
1990 - - 122.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

In 2024, Kazakhstan's government spending was $60.3B, accounting for 20.7% of its GDP, while Kuwait spent $80.8B, or 50.4% of GDP.

Debt-to-GDP ratio is 24.4% in Kazakhstan and 2.92% in Kuwait, ranking 167/185 and 184/185, respectively.

Government deficit by year

Deficit/surplus
Kazakhstan

Kuwait
1x
Year Deficit/surplus, % of GDP
Kazakhstan Kuwait
2024 -1.6% 23.8%
2023 -1.52% 28.2%
2022 0.11% 30%
2021 -4.97% 9.98%
2020 -7.04% 0.14%
2019 -0.57% 13%
2018 2.58% 17.5%
2017 -4.27% 15.3%
2016 -4.5% 13.1%
2015 -6.26% 16.6%
2014 2.48% 30%
2013 4.95% 40.6%
2012 4.43% 40.7%
2011 5.81% 38.8%
2010 1.47% 31.9%
2009 -1.33% 31.3%
2008 1.23% 21.3%
2007 5.13% 37.1%
2006 7.65% 28%
2005 6.08% 38.9%
2004 3.29% 32.5%
2003 4% 27.2%
2002 1.92% 31%
2001 - 45.2%
2000 - 52.5%
1999 - 28.2%
1998 - 19.5%
1997 - 29.5%
1996 - 24.3%
1995 - 11.7%
1994 - 1.76%
1993 - -3.12%
1992 - -28.1%
1991 - -145%
1990 - -50%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

In 2024, Kazakhstan's government deficit, the difference between spending and revenue, was $4.66B, equivalent to 1.6% of GDP. This compares to Kuwait's surplus of $38.1B, or 23.8% of GDP.

Over the past 23 years, Kazakhstan recorded a fiscal deficit in 9 of those years, while Kuwait ran a deficit in 0 years. On average, Kazakhstan posted an annual surplus equal to 0.83% of GDP, compared to surplus of 25.9% of GDP for Kuwait.

Inflation comparison by year

Inflation
Kazakhstan

Kuwait
1x
Year Consumer prices inflation
Kazakhstan Kuwait
2024 8.7% 2.9%
2023 14.5% 3.64%
2022 15% 3.98%
2021 8% 3.42%
2020 6.8% 2.1%
2019 5.3% 1.09%
2018 6% 0.54%
2017 7.5% 2.17%
2016 14.6% 3.2%
2015 6.8% 3.27%
2014 6.6% 2.91%
2013 5.8% 2.68%
2012 5.1% 3.26%
2011 8.4% 4.84%
2010 7.1% 4.5%
2009 7.3% 4.61%
2008 17.2% 10.6%
2007 10.8% 5.48%
2006 8.6% 3.06%
2005 7.4% 4.14%
2004 7% 1.25%
2003 6.4% 0.96%
2002 6% 0.89%
2001 8.4% 1.3%
2000 13.2% 1.81%
1999 8.3% 2.99%
1998 7.1% 0.13%
1997 17.4% 0.68%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

Over the past 28 years, Kazakhstan has recorded an average annual inflation rate of 8.98%, compared with 2.94% in Kuwait. In 2024, inflation was 8.7% in Kazakhstan and 2.9% in Kuwait.

Top exports between countries

Kazakhstan
Export category Export value
Animal & marine products $3.19M
Chemicals & pharma $418K
Machinery & equipment $100K
Metals $48K
Raw materials & minerals $48K
Textiles & consumer goods $42K
Kuwait
Export category Export value
Machinery & equipment $85K
Chemicals & pharma $25K
Metals $9K
Animal & marine products $3K
Textiles & consumer goods $3K

Balance of trade

Kazakhstan Kuwait
Current account balance
-$7.94B
2024
$46.7B
2024
Current account balance ranking
173/190
2024
15/190
2024
Current account balance, % of GDP
-2.72%
2024
+29.1%
2024
Goods imports
$61.8B
2024
$33.4B
2024
Goods exports
$79B
2024
$77.5B
2024
Service imports
$13B
2024
$28.1B
2024
Service exports
$11.8B
2024
$12.2B
2024
Imports of goods and services, % of GDP
25.6%
2024
38.3%
2023
Exports of goods and services, % of GDP
31.6%
2024
57.7%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Kazakhstan Kuwait
Economic freedom 64.2 59.9
Economic freedom ranking 75/197 100/197
Property rights 54.9 42
Government integrity 40.7 47.9
Judicial effectiveness 33.8 43.4
Tax burden 91.2 97.7
Government spending 85.6 36.2
Fiscal health 97.2 99.9
Business freedom 64.9 57.4
Labor freedom 63.5 49.2
Monetary freedom 64.3 68.7
Trade freedom 74.4 75.8
Investment freedom 50 50
Financial freedom 50 50

Economic freedom comparison by year

Kazakhstan
Kuwait
1x
Year Economic freedom index
Kazakhstan Kuwait
2026 64.2 59.9
2025 63.8 59.9
2024 62 58.5
2023 62.1 56.7
2022 64.4 58.3
2021 71.1 64.1
2020 69.6 63.2
2019 65.4 60.8
2018 69.1 62.2
2017 69 65.1
2016 63.6 62.7
2015 63.3 62.5
2014 63.7 62.3
2013 63 63.1
2012 63.6 62.5
2011 62.1 64.9
2010 61 67.7
2009 60.1 65.6
2008 61.1 68.1
2007 59.6 66.4
2006 60.2 66.5
2005 53.9 64.6
2004 49.7 63.6
2003 52.3 66.7
2002 52.4 65.4
2001 51.8 68.2
2000 50.4 69.7
1999 47.3 69.5
1998 41.7 66.3
1997 - 64.8
1996 - 66.1

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

The Economic Freedom Index for Kazakhstan is 64.2, ranking 75/197, compared to 59.9 for Kuwait, ranking 100/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kazakhstan Kuwait
Services, % of GDP
57.9%
2024
55.9%
2024
Industry, % of GDP
32.1%
2024
57.1%
2024
Agriculture, forestry, and fishing, % of GDP
3.88%
2024
0.49%
2024
GNI, Atlas method
$249B
2024
$200B
2024
GNI per capita, PPP
$37,590
2024
$63,270
2024
Total reserves including gold
$45.8B
2024
$50.7B
2024
Total reserves ranking
43/177
2024
41/177
2024
Net foreign direct investment
-$3.9B
2024
$9.71B
2024
Net inflows of foreign direct investment
$1.98B
2024
$615M
2024
Net outflows of foreign direct investment
-$1.92B
2024
$10.3B
2024
Servicing debt to the IMF, % of GNI
17.3%
2024
n/a
Poverty at national poverty lines
5%
2024
n/a
Gross capital formation, % of GDP
27.2%
2024
17.7%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/kazakhstan/kuwait | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1962–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2022–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.