Private Consumption in Kazakhstan
The Kazakhstan economy recorded average private consumption growth of 3.3% in the decade to 2022, above the 2.1% average for Eastern Europe. In 2022, private consumption growth was 2.0%. For more private consumption information, visit our dedicated page.
Kazakhstan Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Kazakhstan from 2013 to 2023.
Source: Macrobond.
Kazakhstan Private consumption Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Private Consumption (ann. var. %) | 6.1 | -3.7 | 6.3 | 2.0 | 7.6 |
Economy gains momentum in Q3
Growth improves: A second national accounts release confirmed that the Kazakh economy gained steam in Q3, as annual GDP growth rose to 4.1% in January–September from January–June’s 3.2% expansion. That said, the reading fell short of the 4.9% increase recorded in January–September 2023.
Stronger domestic demand fuels upturn: Domestically, private spending remained at the helm of the upturn. Household consumption accelerated to 6.7% in January–September from H1’s 5.6% expansion, likely buoyed by faster real wage growth in Q3 than in H1. Moreover, fixed investment returned to growth in Q3, rising 2.2% in January–September (H2: -0.4% yoy). Meanwhile, government consumption slid at a softer pace of 1.2% in January–September (H2: -5.2% yoy). On the external front, exports of goods and services slowed to a halt in January–September after increasing 1.2% in H1. Conversely, imports of goods and services declined at a more moderate rate of 1.3% in the same nine-month period (H2: -3.4% yoy).
Economy to strengthen ahead: Our panelists expect the economy to have gained traction at the tail end of 2024, and have penciled in a further acceleration for Q1 2025. The economy should then expand at a similar rate to Q1 2025 through Q4 2025; as a result, our Consensus is for GDP growth to outpace 2024 levels this year. This will come on the back of both domestic and external demand strengthening. Sanctions are a downside risk, while the health of the Chinese, EU and U.S. economies is a two-sided risk.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Kazakhstani private consumption projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Kazakhstani private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Kazakhstani private consumption projections.
Want to get access to the full dataset of Kazakhstani private consumption forecasts? Send an email to info@focus-economics.com.
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