Kazakhstan Industry May 2016


Kazakhstan: Contraction in industrial production accelerates in May

June 15, 2016

The deterioration in industrial production continued in May, following incipient signs of recovery at the beginning of the year. In May, industrial production contracted 5.3% over the same month last year, which came in below the 3.1% decrease observed in April. Looking at the details, May’s plunge reflected a sharp deterioration in mining and quarrying (May: -10.8% year-on-year; April: -3.1% yoy), while growth in manufacturing slowed to 0.7% in May (April: +0.8% yoy).

As a result of May’s contraction, the inertia of the deterioration registered in the past months continued. The trend is still pointing downward, with the annual average variation in industrial production falling from minus 2.1% in April to minus 2.7% in May. The trend continues to point to a potential period of deterioration in industrial production that Kazakhstan has not experienced in many decades.

Following a sharp deterioration in 2015, industrial production is expected to remain depressed this year. FocusEconomics Consensus Forecast panelists expect industrial production to contract 1.1% in 2016, which is unchanged from last month’s estimate. In 2017, the panel sees industrial production recovering and expanding 1.9%.

Author:, Economist

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Kazakhstan Industry Chart

Kazakhstan Industry May 2016

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Republic of Kazakhstan Agency of Statistics.

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