Kazakhstan: GDP growth accelerates in Q4 2022
Preliminary production data showed that the economy grew at a quicker rate in the fourth quarter, with GDP expanding 3.2% year on year cumulatively through December (Q1–Q3: +3.0% yoy).
The acceleration was mainly driven by an upturn in the agricultural, construction and services sectors, boosted by stronger growth in trade. On the other hand, the economy saw industrial growth ease amid a slowdown in manufacturing and a contraction in mining and energy output.
On the external front, the picture is more downbeat: Growth in exports of goods slowed in Q4 from Q3, likely amid softening oil and gas prices, while growth in imports of goods accelerated.
Following the positive momentum at the tail-end of the Q4 2022, GDP in 2023 should accelerate. Activity should chiefly be driven by accelerating growth in fixed investment and exports. In the second part of the year, lower inflation and interest rates should further buttress the economy.