Kazakhstan: Contraction in industrial production softens for third month
December 16, 2015
Kazakhstan’s industrial production contracted for a fifth consecutive month in November, but the pace of contraction softened for a third time. Industrial production decreased 3.3% annually in November, which came in marginally above the 3.9% decrease observed in October. Industrial production plummeted in August, which had marked the steepest drop since March 2009.
The softer contraction in November resulted from a milder drop in mining and quarrying—which continues to reflect less oil production as well as in manufacturing production. On a negative note, electricity distribution swung from a 0.2% increase in October to a 3.9% contraction in November.
With November’s decrease, the output trend continued to suggest that a recovery in industrial production is not foreseeable in the coming months. The annual average variation in industrial production fell from minus 0.6% in October to minus 1.2% in November, the weakest level since May 2009.
Author: Ricardo Aceves, Senior Economist