MISRYOUM reports EDB analysts say Kazakhstan’s lending to the economy grew 18.5% as of April 1.
Lending momentum in Kazakhstan is picking up fast, with banks expanding credit to the economy by 18.5%, according to MISRYOUM.
In its latest weekly macroeconomic review of EAEU economies, Misryoum notes that analysts from the Eurasian Development Bank highlight a rise in lending in Kazakhstan. As of April 1, financial institutions in the country had issued loans totaling 43.4 trillion tenge (about $93.8 billion).
The growth was supported by both corporate and household lending. Business credit increased by 20.4%, while lending to the population rose 17.1%. Within the corporate segment, loans to small businesses grew 37.9%, and credit to the medium segment increased by 30.7%.
This matters because broader credit usually affects consumption, investment, and economic momentum, especially when both companies and households are borrowing more.
Meanwhile, in Russia, Misryoum says the EDB assessment points to a contraction of GDP by 0.3% in January to March 2026, after a decline of 1.8% in January to February.. At the same time, consumer activity continued to expand, with retail trade and paid services growing by 3.5%, though the construction sector weighed on the recovery, falling by 10.0%.
In this context, the direction of household-facing indicators can remain stronger even when parts of the economy, such as construction, are under pressure.
For the second quarter of 2026, the EDB expects an improvement in GDP dynamics for Russia, citing higher energy prices as a key factor.
In Armenia, Misryoum reports economic activity rose by 7.1% in January to March 2026, easing up from 7.4% in January to February. The report points to services, construction, and industry as major contributors.
Across Belarus and Kyrgyzstan, the picture is more mixed.. In Belarus, investment activity is recovering, with the decline in investment in fixed assets slowing to 3% in January to March 2026 after a 7.7% drop in January to February.. In Kyrgyzstan, inflation remains above the 5% to 7% target range: on April 17 it stood at 11.3%, following 11% in March, with the regulator linking the approach to persistent inflationary pressures including global food and commodity prices and higher electricity tariffs.
Bottom line: when credit grows while other macro indicators remain uneven across the region, policymakers and businesses tend to watch bank lending closely as a signal of where demand and financial conditions may be heading next.