Kazakhstan: Economic growth edges up to two-year high in Q3
Economic growth edged up to 4.3% year-on-year in the third quarter, up from Q2’s 4.1% expansion and marking the fastest expansion since Q3 2017, according to a preliminary estimate released by Kazakhstan’s Statistical Institute (SARK) on 18 November.
While a detailed breakdown has to be released, an acceleration in industrial, construction, and services activity underpinned the upturn in growth. Improvements in these sectors compensated for a downturn in the agriculture, forestry and fishing sector, which swung to contraction in the period. Moreover, retail sales growth lost steam in Q3, albeit remained robust, which suggests household spending eased in the quarter. Looking ahead, the economy is seen maintaining a solid stride next year, as planned government reforms, which include income tax breaks, shore up fixed investment and keep private consumption expanding at a healthy clip.