Kazakhstan Economic Outlook
July 31, 2018According to an estimate from the Ministry of Economy, economic growth picked up in the January–June period, growing 4.1% year-on-year following a 3.9% expansion in the January–May period, as higher-than-forecast oil prices encouraged a further boost to oil production. The strong growth momentum was corroborated by a rise in the short-term economic activity indicator throughout the second quarter. As well as encouraging higher production, the upsurge in global oil prices has helped reduce the current account deficit, which more than halved in the first quarter compared to a year ago. Meanwhile, retail sales surged in June amid falling inflation and unemployment, growing at a markedly faster pace than in May. In early July, President Nazarbayev approved stricter controls over capital outflow from local banks in a move aimed at restraining capital flight and preventing the tenge from plunging.
Kazakhstan Economic GrowthThe economy is expected to grow at a solid pace again this year, supported by increased investment in the oil sector, higher oil prices, and an upturn in domestic demand amid weaker inflationary pressures. Growth is expected to moderate from last year, however, as export growth is seen losing steam and the government’s fiscal consolidation drive curbs activity. Challenges to the outlook stem from a still-struggling banking sector, over-dependence on oil, and political uncertainty surrounding the transition of power if President Nazarbayev, who has been at the helm since 1991, decides not to contend in the 2020 presidential race. Met the why particular panelists see GDP growing 3.7% in 2018, which is up 0.1 percentage points from last month’s forecast, and 3.5% in 2019.
Kazakhstan Economy Data
5 years of Kazakhstan economic forecasts for more than 30 economic indicators.
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|Exchange Rate||348.7||0.32 %||Aug 07|
|Stock Market||0.1||0.0 %||Aug 06|
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Kazakhstan Economic News
August 1, 2018
Consumer prices rose 0.1% over the previous month in July, marking a smaller upturn than the 0.2% increase in June.
July 18, 2018
The industrial sector lost pace in June, growing at a more moderate 4.2% year-on-year following a 6.4% annual expansion in the previous month.
July 13, 2018
A breakdown of GDP by expenditure released by Kazakhstan’s Statistical Institute on 13 July confirmed that the economy grew 4.1% year-on-year in the January–March 2018 period, slightly up from the 4.0% expansion in the January–December period of last year.
July 9, 2018
At its 9 July monetary policy meeting, the National Bank of Kazakhstan kept the base rate unchanged at 9.00%, with a corridor of plus or minus 1.0%, putting an end to the easing cycle that preceded the decision to hold fire.
July 2, 2018
Consumer prices increased 0.2% over the previous month in June, mirroring the reading observed in May.