Kazakhstan's retail trade growth has slowed: over the first seven months of this year, it stood at 4.1%, lower than in the previous two years. Analysts at Halyk Finance attribute this to the regulator's tighter measures in consumer lending, reports infohub.kz.
According to Halyk Finance's review, domestic trade accounts for 17% of the country's GDP. In January–July, trade growth was 5.9% year-on-year, compared to 8.6% a year earlier.
In the retail segment, which directly affects consumers, growth slowed to 4.1% versus 5.9% and 6.6% in previous years. Meanwhile, food sales continue to grow at a high pace — 10.0% year-on-year, while the non-food segment grew only 1.4%. This indicates a shift in spending patterns: Kazakhs are spending more on food and cutting back on non-food purchases.
Experts note that retail trade dynamics are influenced by several factors: restrained consumer lending growth due to measures to "cool" the economy, inflation, and businesses adapting to changes in tax legislation.
Wholesale trade also shows a slowdown: growth was 6.7% year-on-year versus 9.5% a year earlier. This may be linked to changes in business activity in several sectors, including a decline in oil production and exports earlier this year.
Earlier, Kursiv reported that domestic trade growth in Kazakhstan slowed almost twofold after a strong 2025.