Kazakhstan Economic Outlook
April 2, 2019On 19 March, President Nursultan Nazarbayev unexpectedly resigned after three decades ruling the country. As specified in the constitution, the Senate speaker, Kassym-Jomart Tokayev, has taken the reins until next year’s presidential election decides Nazarbayev’s successor. While a high degree of policy continuity should prevail on the economic front, the transition will likely delay the implementation of key structural reforms and privatization plans. The change in power comes as the economy grapples with lower oil production—due to maintenance works at the Kashagan, Karachaganak and Tengiz oil fields—which has constrained oil revenues. Moreover, economic activity grew at a softer pace, on average, in the first two months of Q1 2019, compared to the previous quarter. A downturn in the manufacturing sector, largely due to China and Russia’s slowdown, has caused overall activity to weaken.
Kazakhstan Economic GrowthThe economy is set to lose traction this year, as slowing growth in trade partners weighs on export performance and as a fall in oil output likely limits oil revenues. Domestic demand dynamics should remain robust, however, amid strengthening credit growth. Meanwhile, uncertainty over the transition in power and lower commodity prices present the key downside risks. Met the why particular analysts expect GDP to increase 3.4% in 2019, unchanged from last month’s estimate, and 3.3% in 2020.
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|Exchange Rate||379.5||0.32 %||Apr 12|
|Stock Market||0.1||0.0 %||Apr 09|
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Kazakhstan Economic News
April 15, 2019
Industrial production grew 4.2% year-on-year in March, up from February’s 3.5% expansion.
April 1, 2019
Consumer prices rose 0.5% over the previous month in March, following a 0.3% month-on-month upturn in February.
Kazakhstan: Nazarbayev relinquishes power after three decades in charge; policy continuity will likely prevail in the near-term
April 1, 2019
On 19 March, President Nursultan Nazarbayev unexpectedly resigned, relinquishing power after three decades of rule since the collapse of the Soviet Union.
March 15, 2019
The industrial sector accelerated in February for the second consecutive month, following a notable slowdown in December.
March 4, 2019
At its 4 March monetary policy meeting, the National Bank of Kazakhstan held the base rate at 9.25%, with an interest rate corridor of plus or minus 1.0 percentage point. The Bank’s decision to hold the rate steady came against the backdrop of declining inflationary pressures.