Kazakhstan Economic Outlook
November 30, 2021A recent release confirmed that activity gained pace in January–September, accelerating from H1’s expansion. The improvement came despite a less favorable base effect and lingering restrictions, suggesting a healthy economy. Looking at individual sectors, services performed particularly well, while industry also grew at a much faster rate, with mining and quarrying output falling at a softer pace despite lower oil production. Contrastingly, agricultural production lost momentum. Moving to Q4, the short-term economic indicator pointed to a slight slowdown in October, with the manufacturing subsector and energy production weighing on the print. Additional subsectors such as construction and communication also lost steam. However, the wholesale and retail trade subsector picked up, benefiting from the easing of restrictions in the two largest cities in late October.
Kazakhstan Economic GrowthEconomic activity should gain steam in 2022, after a projected rebound in 2021. A resurging global market and easing OPEC+ production cuts will bolster exports, while robust wage growth should benefit household spending. Moreover, reforms towards a market economy and the international recovery will continue to fuel foreign investment, particularly in the key energy sector. FocusEconomics analysts project GDP to expand 4.4% in 2022, which is unchanged from last month’s forecast. In 2023, the economy is set to grow 4.3%.
Kazakhstan Economy Data
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|Exchange Rate||382.9||0.32 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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Kazakhstan Economic News
November 15, 2021
According to a preliminary reading, GDP expanded 3.5% year-on-year in the January–September period, accelerating from the 2.4% expansion recorded in H1.
November 9, 2021
Industrial output increased 4.2% compared to the same month a year earlier in October, which was a deterioration from September's 4.7% increase.
November 1, 2021
Consumer prices rose 0.70% in October over the previous month, picking up from September's 0.41% rise.
October 26, 2021
At its meeting in late October, the National Bank of Kazakhstan (NBK) decided to raise the base rate by 25 basis points to 9.75%, marking the third consecutive hike since late July.
October 14, 2021
Industrial output increased 4.7% compared to the same month a year earlier in September, which was above August's 1.9% increase.