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.
Author: Christopher Thomas, Economist