Kazakhstan Economic Outlook
May 8, 2018Available data shows economic activity continued growing more robustly in the first quarter than the previous one. It expanded in March at roughly the same robust pace as in the previous month, reflecting a strong surge in oil production. Retail sales jumped in March, but overall rose more slowly in Q1 than in Q4. Moreover, exports lost traction in the first two months of the year compared to the final quarter. A deluge of foreign investment is helping to shape the country’s industrial development; Kazakhstan has one of the most favorable investment climates in the region. Recent reports suggest that the country is set to sharply reduce its exports of heavy oil products, such as fuel oil and vacuum gasoil, as it shifts to focusing on higher quality products and cutting pollution following an upgrade of its three refineries.
Kazakhstan Economic GrowthThe economy is expected to grow more moderately this year because of a marked deceleration in exports and as the government phases out its countercyclical fiscal policy to bring the budget deficit down to 1.1% from 2.6% in 2017. Nevertheless, it should remain on a steady course on the back of recovering oil prices and rising domestic demand amid moderating inflation. Efforts to diversify the economy away from the oil sector, by encouraging investment in non-extractive industries, will be critical to boosting its resilience to external shocks. FocusEconomics panelists see GDP growth of 3.5% in 2018, which is up 0.1 percentage points from last month’s forecast, and also 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||329.3||0.32 %||May 21|
|Stock Market||0.1||0.0 %||May 21|
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Kazakhstan Economic News
May 3, 2018
Consumer prices increased 0.4% over the previous month in April, down from the 0.5% rise recorded in March.
April 18, 2018
Industrial production growth eased substantially to 4.7% year-on-year in March, following a 6.1% expansion in February.
April 16, 2018
At its 16 April monetary policy meeting, the National Bank of Kazakhstan decided to cut the base rate by 25 basis points to 9.25% with a corridor of plus or minus 1.0%.
April 2, 2018
Consumer prices increased 0.5% over the previous month in March, following a 0.7% month-on-month rise in February.
March 13, 2018
Industrial production climbed 6.1% over the same month of the previous year in February.