In the first half of 2026, Kazakhstan's external government debt grew by 6.5% year-on-year to $17.2 billion, the highest rate among the Eurasian Economic Union (EAEU) countries, according to infohub.kz.
For comparison, Russia's external debt increased by only 2.2% (to $55.5 billion), Armenia's decreased by 4.2% (to $6.6 billion), and Kyrgyzstan's fell by 0.5% (to $5.2 billion). These figures were provided by the Eurasian Economic Commission.
At the same time, in terms of total government debt growth (external and internal) in national currencies, Russia (23.1%) and Kyrgyzstan (20.5%) lead. In Kazakhstan, this indicator was 14.8%, reaching 38.5 trillion tenge.
In the structure of government debt of EAEU countries, the trend of reducing the share of external borrowings continues, while internal debt grows. In Kazakhstan, internal debt increased by 20% to 30 trillion tenge.
An analysis of the union's budgets showed that in the first half of the year, Armenia ($0.2 billion) and Kyrgyzstan ($0.5 billion) recorded surpluses. Russia's budget deficit increased by 32% to $76.8 billion, while Kazakhstan showed the highest deficit growth rate of 38.8% year-on-year, reaching $4.4 billion.
Only in Armenia did revenue growth outpace expenditure growth, improving the budget situation. In Kazakhstan, Kyrgyzstan, and Russia, expenditures grew faster than revenues, leading to a reduction in Kyrgyzstan's surplus and a worsening of deficits in Kazakhstan and Russia.
In Armenia and Kazakhstan, the largest expenditure item remains the social sector, accounting for 50% and 36% respectively. In Kazakhstan, a significant share (30%) is also allocated to economic development.
In Kazakhstan's budget revenues, VAT accounted for 35%, second only to Russia (46%). The share of value-added tax in revenues of both countries increased year-on-year.
Earlier it was reported that Kazakhstan's spending on government debt servicing in the first half of 2026 reached 2.1 trillion tenge, up 26.3% year-on-year.