The Atyrau bridge in Kazakhstan

Kazakhstan GDP Q2 2023

Kazakhstan: GDP growth gathers steam in H1

GDP growth gathered steam to 5.3% year on year in H1 (January–June 2023), up from 5.0% in the first quarter.

All sectors of the economy grew in H1, with the industrial and services sectors both growing at faster rates. However, the agricultural sector grew at a slower rate in H1 than in Q1.

On the outlook for 2023, analysts at EIU commented:

“Key drivers of growth in 2023 will be increased fixed investment and strong oil production coupled with cooling inflation, supporting private consumption, and the continuation of monetary loosening, which began at the end of August. Still-high oil prices will continue to support growth and help to shield, to a degree, the economy from any secondary spillovers from the economic downturn in Russia.”

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