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COUNTRY INSIGHTS

Kazakhstan macro: Economic growth reportedly decelerated in 2Q22 but will bounce back
KAZAKHSTAN · Report · 25 Jul 2022

The Kazakh president recently mentioned that the country’s GDP was up by a mere 3.4% y-o-y in 1H22, while in 1Q22, it was up by 4.6% y-o-y. Even though the figure quoted by the president had not yet been officially published, the general perception is that economic growth in the country slowed in...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 22 Jul 2022

July 11 CPC: The court replaced the ban on oil transportation for CPC with a fine of R200 ths President: Mr Tokayev signed amendments to the Tax Code of Kazakhstan on increasing the mineral extraction tax on tradable metals by 50% July 12 Ministry of Energy: The ban on the export of gasoline, die...

Kazakhstan macro: Driving smart over a bumpy road
KAZAKHSTAN · Report · 19 Jul 2022

The Bureau of National Statistics reported that in 1H22, the short-term indicator (a monthly proxy for GDP, which incorporates activity in industry, transport, agriculture, construction, trade, and communications) was up by 4.5% y-o-y. Overall, the figure doesn't look too bad amid the still stron...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 07 Jul 2022

June 28 Samruk-Kazyna: The state-owned fund plans to conduct IPO of KazMunayGas by the end of the year Ministry of Energy: Kazakhstan Nuclear Power Plants LLP and nuclear technology supplier Korea Hydro & Nuclear Power (KHNP) signed a memorandum of understanding in the field of nuclear energy dev...

Kazakhstan macro: The strong budgetary performance seen in 5M22 is likely to persist in 2022 as a whole
KAZAKHSTAN · Report · 28 Jun 2022

Given that the Kazakh economy performed relatively well in 5M22 as industry, construction, transportation and storage sector, trade, and communications were up by 4.4%, 8.9%, 8.1%, 10.8%, and 7.2% y-o-y, respectively, the budget execution numbers looked encouraging as well. Note that there were s...

Kazakhstan: Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Jun 2022

June 10 EBRD: Kazakhstan's Baiterek is discussing the purchase of the Russian Sberbank subsidiary in the country, the EBRD is ready to provide financing Alstom: The French company Alstom plans to invest more than EUR 50 mln in new projects in Kazakhstan June 13 Ex-president Nursultan Nazarbayev: ...

Kazakhstan macro: Cross-currency rate swings to start reshaping Kazakh foreign trade
KAZAKHSTAN · Report · 21 Jun 2022

As in the past several weeks the Kazakh tenge continued to depreciate against the ruble and weakened to KZT/RUB 8.16 following the abnormal strength of the Russian currency, the KZT remained relatively stable against the dollar relative to levels seen before the period of high volatility caused b...

Economic performance stable in 5M22
KAZAKHSTAN · In Brief · 16 Jun 2022

The Kazakh Bureau of National Statistics reported that the short-term economic indicator (a monthly proxy for GDP) was up by 5.9% y-o-y in 5M22. Industrial output grew by 4.4% y-o-y over the same period. This number pointed to some deceleration both in the mining and the manufacturing, given that...

Kazakhstan: Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 10 Jun 2022

May 31 Government of Italy Kazakhstan exported 455.2 thousand tons of oil to Italy in March versus 268.4 thousand tons in February. Jun 1 North Caspian Operating Company Oil production at the Kashagan field has been suspended since June 1 due to scheduled repairs for approximately 45 days. Kashag...

Inflation in Kazakhstan remains elevated, the base rate may be increased later this year
KAZAKHSTAN · In Brief · 09 Jun 2022

As opposed to Russia, where inflation decelerated fast (in May, it fell to 0.12% m-o-m and for several weeks, the w-o-w inflation remained at around zero), inflation in Kazakhstan was at 1.7% m-o-m in May. It was only slightly lower than the m-o-m inflation in April (2.0%). By the end of May, the...

Kazakhstan macro: stable real effective tenge to support economic growth
KAZAKHSTAN · Report · 31 May 2022

The Kazakh tenge, having stabilized at around KZT/$ 430 after the initial pandemic shock and the fall of the oil price in 2Q20, experienced another shock in recent months. Its volatility increased again as the KZT/$ moved to well over 500 in early March and then bounced back to the same KZT/$ 430...

Kazakhstan: Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 May 2022

May 13 Ministry of Agriculture: Kazakhstan introduces a ban on the export of sugar for six months May 16 Bureau of National Statistics: Kazakhstan’s foreign trade balance reached $9.6 bln in 1Q22 (+$6.3 bln y-o-y) Bureau of National Statistics: Agricultural production reached KZT974.3 bln in Jan-...

Kazakhstan and Russia slide presentation: The divergence - Kazakhstan's growth and Russia's transition
KAZAKHSTAN · Report · 26 May 2022

Access the pdf file of the presentation from the GlobalSource Partners' webinar "The divergence - Kazakhstan's growth and Russia's transition", which details how Kazakhstan will continue to evolve toward greater openness and cooperation with various countries as the Russian authorities have nothi...

​Kazakhstan’s consolidated budget in surplus in 4M22 as high oil price boosts revenues of the National Fund
KAZAKHSTAN · In Brief · 25 May 2022

The Finance Ministry reported that in 4M22 total revenues of the consolidated budget) accounted for 45.5% of the amended annual plan (KZT15.8 trln) and reached KZT7.2 trln. The consolidated budget comprises the republican budget, local budgets, and the National Fund net of mutual transfers. Expen...

Kazakhstan macro: on the right track
KAZAKHSTAN · Report · 17 May 2022

Despite the fact that the Kazakh government became less optimistic about the prospects of the country's economic growth in 2022, having lowered its GDP growth estimate to 2.1% from the previous 3.9%, the outcome may be better as the country has the chance to benefit from the fact that the Russian...

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