GDP in Kazakhstan
Kazakhstan - GDP
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 - GDP Data
|Economic Growth (GDP, annual variation in %)||1.2||1.1||4.1||4.1||4.5|
5 years of economic forecasts for more than 30 economic indicators.
Kazakhstan GDP Chart
|Exchange Rate||382.9||0.32 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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October 1, 2021
Consumer prices rose 0.40% in September over the previous month, after the 0.47% increase recorded in August.
September 13, 2021
At its meeting in mid-September, the National Bank of Kazakhstan (NBK) decided to raise the base rate by 25 basis points to 9.50%, marking the second consecutive hike since late July after holding rates for eight successive meetings.
September 13, 2021
Industrial output expanded 1.9% in year-on-year terms in August, which followed July's 8.2% increase.
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).