Kazakhstan Economic Outlook
February 6, 2018The Minister of National Economy stated that the economy grew around 4.0% last year at a recent government meeting, according to local media reports. While official data has yet to be released, the reading would mark a notable jump from the 1.1% and 1.2% expansions in 2016 and 2015, respectively, if confirmed. Growth was likely driven by an upturn in oil prices in the second half of 2017, which resulted in a substantial boon for the oil sector and a ramp up in production to cash in on bigger profit margins. Activity was also supported by Russia’s exit from recession, which fueled higher demand for exports; Russia is one of Kazakhstan’s top trading partners. Retail sales bounced back in the year, growing at a markedly higher average rate compared to the previous year. In addition, a significant drop in inflationary pressures from 2016 boosted households’ real purchasing power and shored up private consumption.
Kazakhstan Economic GrowthThe economy is set to expand at a steady pace this year thanks to rising exports, a pick-up in domestic demand amid an expected fall in inflation, and higher inflows of investment. Growth is expected to hover below pre-crisis levels, however, as the commodity-dependent economy remains susceptible to external shocks. Diversifying the economy and improving financial stability by reducing the share of non-performing loans on banks’ balance sheets are much-needed reforms. Met the why particular panelists project 3.4% growth in 2018, which is up 0.1 percentage points from last month’s forecast, and 3.5% growth in 2019.
Kazakhstan Economy Data
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|Exchange Rate||320.5||0.32 %||Feb 22|
|Stock Market||0.1||0.0 %||Feb 22|
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Kazakhstan Economic News
February 2, 2018
Consumer prices climbed 0.6% over the previous month in January, a marginally smaller increase than the 0.7% month-on-month rise in December.
January 16, 2018
Industrial production expanded 5.4% over the same month of the previous year in December, up from 5.0% year-on-year growth in November.
January 15, 2018
The National Bank of Kazakhstan (NBK) decided to cut the one-day repo rate—also known as the base rate—by 50 basis points to 9.75%, with a corridor of plus or minus 1.0%, at its 15 January monetary policy meeting.
January 3, 2018
Consumer prices rose 0.7% over the previous month in December, down from a 0.9% month-on-month increase in November.
December 29, 2017
GDP grew 4.2% in the January–September period compared to the same period of the previous year, according to a breakdown of GDP by expenditure released by Kazakhstan’s Statistical Institute on 29 December.