Consumption in Kazakhstan
Kazakhstan - Consumption
GDP expands for first time in over a year in H1 amid a favorable base effect
According to a preliminary reading, GDP expanded 2.3% year-on-year in the January–June period, rebounding from the 1.4% contraction recorded in Q1. H1's reading was the best since Q1 2020, albeit largely flattered by a favorable base effect.
Looking at the details, the services sector—accounting for roughly 50% of GDP in H1—led the uptick, growing 1.7% (Q1: -3.2% yoy), amid buoyant trade and improving dynamics in the transportation sector. Meanwhile, the industrial sector grew 1.3%, up from Q1’s 0.1% expansion, mainly due to a less pronounced fall in mining and quarrying output, as manufacturing lost steam. Lastly, the construction sector remained solid, albeit growing at a slower pace of 11.9% (2020: +13.1%).
Moving forward to Q3, GDP should keep benefiting from a favorable base effect, with the short-term economic indicator putting economic growth from January–July at 3.7%. Some headwinds may stem from tighter monetary policy, however.
Commenting on the outlook for Q3, Artem Zaigrin, chief economist at SOVA Capital, said:
“The country has returned to the red zone due to the dramatic spike in cases in July-August. Despite the outbreak of the Delta strain, Kazakhstan’s economic recovery has gained pace […]. The withdrawal of pension savings has supported the pickup in loan growth.”
Analysts surveyed by FocusEconomics see the economy expanding 3.8% in 2021, which is up 0.1 percentage points from last month’s estimate, and 4.3% in 2022.
Kazakhstan - Consumption Data
|Consumption (annual variation in %)||1.8||1.2||1.5||6.1||5.8|
5 years of economic forecasts for more than 30 economic indicators.
Source: Agency of Statistics
|Exchange Rate||382.9||0.32 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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September 2, 2021
Consumer prices rose 0.47% in August over the previous month, after the 0.67% increase recorded in July.
August 13, 2021
Industrial output grew 8.2% year-on-year in July (June: +1.7% yoy).
August 13, 2021
According to a preliminary reading, GDP expanded 2.3% year-on-year in the January–June period, rebounding from the 1.4% contraction recorded in Q1.
August 2, 2021
Consumer prices increased 0.67% over the previous month in July, coming in below the 1.10% increase seen in June.
July 26, 2021
At its meeting in late July, the National Bank of Kazakhstan (NBK) decided to hike the base rate by 25 basis points to 9.25%, keeping the corridor at plus or minus 1.0 percentage point.