Kazakhstan GDP Q1 2017


Kazakhstan: Economic growth accelerates in Q1

May 19, 2017

According to data released by the Statistics Institute on 19 May, the economy grew 3.4% year-on-year in the first quarter, a significant acceleration from Q4 2016’s 1.0% rate of growth. Q1’s result marks the fastest pace of growth for the Kazakh economy since Q4 2014. The reading also came above market expectations of a softer 2.9% expansion.

The acceleration was broad-based but was mainly driven by a return to growth in the mining sector, lifted by an oil and gas sector that benefitted from improving global oil prices. The mining sector had contracted for six consecutive quarters. Mirroring the embellishment in the country’s ailing energy sector, the manufacturing sector roared ahead in Q1, growing at the fastest pace in five years.

In April, the National Bank of Kazakhstan stated that it expects economic growth to pick up to 2.2% this year and 4.7% in the first nine months of 2018. Meanwhile, the Consensus of the group of analysts surveyed by FocusEconomics is in line with the Central Bank’s view and foresees the economy increasing 2.1% this year, which is unchanged from last month’s estimate. The panel sees economic growth picking up modestly next year with a projection of 2.8% for the whole year.

Author:, Economist

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