Cumulative GDP growth accelerated in January–December 2022 from Q1–Q3 due to stronger agricultural, construction and services activity. However, industrial growth declined. Turning to Q1 2023, GDP growth should be resilient thanks to a base effect; last January saw major political unrest dent economic activity. Additionally, high-frequency indicators have painted a positive picture: In January, industrial activity rebounded from Q4’s contraction, while retail activity expanded at its highest rate since April 2021. In the same month, oil production reached its highest level since October 2019. Less positively, the services PMI was below the expansionary mark in February and at a 13-month-low, likely because of power outages in the month. This points to dampened private consumption and investment activity in the quarter.
Kazakhstan International Reserves (months of imports) Data
| 2017 | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| International Reserves (months of imports) | 12.2 | 10.8 | 8.7 | 11.6 | 10.4 |