Kazakhstan Industry February 2015


Kazakhstan: Industrial production shows incipient increase in February

March 16, 2016

The deterioration in Kazakhstan’s industrial production is showing signs of abating. In February, industrial output rose 0.1% over the same month last year. Although the increase was marginal, it marked the first positive reading since July 2015, which was the first month in which industrial production began to contract uninterruptedly. February’s rise resulted mainly from an expansion in manufacturing output, while mining and quarrying, electricity generation and water supply and sewerage contracted. The contractions, however, were softer than in the previous month.

Although industrial production stopped contracting in February, the inertia of the deterioration continued as the trend still pointed downward in February. The annual average variation in industrial output inched down from minus 1.6% in January to minus 1.7% in February, which marked a multi-year low.

On 17 March, Sauat Mynbayev, the Chairman of the state-owned energy firm KazMunayGaz said that the Kashagan oil field is expected to relaunch production in October, following three years of no operations.

Following a sharp deterioration in 2015, industrial production is expected to remain depressed this year. FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.0% in 2016, which is down 1.5 percentage points from last month’s estimate. In 2017, the panel sees industrial production recovering and expanding 3.0%.

Author:, Senior Economist

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Kazakhstan Industry Chart

Kazakhstan Industry February 2016

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Republic of Kazakhstan Agency of Statistics.

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