Kazakhstan: Growth in industrial production slows in June
July 18, 2017
Industrial production expanded 7.5% in June over the same period last year, down from May’s strong 10.7% rise. Despite June’s slowdown, the print suggests that industrial output has put last year’s slump firmly in the rearview, and follows five strong months of growth since the outset of the year.
A breakdown of the reading shows that both the mining sector (+10.3% year-on-year) and manufacturing output (+4.8% yoy) decelerated in June, although they were still able to post robust expansions. Growth in electrical supply, giving of gas, pair and air-conditioner, however, steadied in the same month. Annual average industrial production growth jumped to 3.6% in June from 3.0% a month earlier and was the strongest print in over five years.
According to a preliminary estimate from the Agency of Statistics of Kazakhstan, the economy expanded 4.2% annually in the first half of the year, which was above both the 3.4% rise in Q1 and the mild 0.1% increase in H1 2016. Strong growth in the mining sector, oil output and coal production propelled economic activity in the six months to June.