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Events
Databanks
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Argentina databank Apr 30 -
Brazil Economics databank Apr 14
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Central America databank May 1
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Chile databank Apr 7
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China databank Mar 21
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India databank Apr 28
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Panama databank Jan 28
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Peru databank Apr 28
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Philippines databank May 8
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Poland databank Apr 29
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Russia Economics databank May 12
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South Africa databank May 6
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Turkey databank Apr 24
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Ukraine databank May 12
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Venezuela databank May 5
NEWS FLASH
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COUNTRY INSIGHTS
Economic growth accelerated in November amid soaring government spending and credit growth
KAZAKHSTAN · In Brief · 13 Dec 2024
The Bureau of National Statistics started publishing November monthly statistics and suggested that economic growth accelerated on a y-o-y basis as the short-term indicator (a monthly measure of aggregate economic activity in industry, agriculture, construction, trade, transportation, and communi...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 12 Dec 2024
Nov 27 President: Kazakhstan remains a reliable strategic partner and ally of Russia. Budget: The Parliament of Kazakhstan approved the law "On the Republican Budget for 2025-2027". The 2025 budget deficit is set at 2.7% of GDP, with a decrease in 2026-2027 to 2.2% and 1.9% of GDP, respectively. ...
Policy choice and monetary expansion behind the tenge’s recent unintended (albeit healthy) correction
KAZAKHSTAN · In Brief · 06 Dec 2024
Earlier this week, the Ministry of Finance published the 11M24 statistics on the National Fund’s revenue flow and expenditures. The ministry mentioned that since the beginning of the year, the fund’s assets grew from KZT29.854 trln as of January 1 to KZT33.261 trln as of December 1. It means that...
Kazakhstan macro: Budget 2025 looks safer now with a weaker tenge
KAZAKHSTAN · Report · 29 Nov 2024
A couple of days ago, Majilis (the lower chamber of the Kazakh parliament) reportedly approved the updated version of the republican 2025 budget along with the indicative budgets for several following years. Legislators also amended the revenues and expenditures of the 2024 Kazakh republican budg...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 Nov 2024
Nov 14 Energy Ministry: During the UN Climate Change conference COP29 in Baku, Kazakhstan signed a joint declaration targeting a three-fold increase in nuclear energy production by 2050. Prime Minister: The Prime Minister of Kazakhstan Mr. Bektenov met with CEO of the Russian Nuclear Corporation ...
A too slow tenge’s weakening still holds tax revenues at bay
KAZAKHSTAN · In Brief · 25 Nov 2024
As the tenge hovered close to USD/KZT 500 in recent days (but didn’t cross this level) tax revenue flow, associated with the oil price and the exchange rate, remained unimpressive in October. From the fundamental point of view the tenge should have been at these levels (and even a bit weaker) a y...
Economic growth remains strong enough in October but is uneven among sectors
KAZAKHSTAN · In Brief · 15 Nov 2024
As the tenge slowly climbs toward the USD/KZT 500 milestone mark amid some unwillingness of the regulators to see it weakening, as the NBK occasionally reiterates its intentions to “support” the currency, the Kazakh economy keeps growing relatively fast. This “support” largely stems from the need...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 14 Nov 2024
Oct 30 Government: Due to the Tengiz project expansion, Kazakhstan expects to receive $2.8 bln in the budget by the end of 2025. Economy Ministry: The foreign assets of the National Fund of Kazakhstan will amount to $78.7 bln by 2027. Kazakhstan Automobile Union: Production of motor vehicles in K...
Inflation accelerates in October, as budgetary spending catches up with amended plan
KAZAKHSTAN · In Brief · 05 Nov 2024
The Bureau of National Statistics reported that in October, m-o-m inflation accelerated to 0.9% (versus 0.4% in September). Inflation y-o-y climbed to 8.5% (from 8.3% in September). Services prices grew by 14.3%, inflation in the non-food segment reached 7.8%, and food prices were up by a mere 4....
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 30 Oct 2024
Oct 16 National Nuclear Company: Kazatomprom and German Siemens have signed a strategic agreement on partial localization of equipment production in Kazakhstan. Samruk-Kazyna: The Fund and the Chinese CITIC Group have agreed on strategic cooperation. Banking regulation: The Agency for Regulation ...
Kazakhstan macro: mixed budgetary performance in 9M24 amid lack of tax revenues
KAZAKHSTAN · Report · 28 Oct 2024
At the end of last week, the Ministry of Finance released its monthly budgetary statistics, which revealed the continuous underperformance in the collection of taxes linked to oil prices and the exchange rate, and the September data didn’t point to any breakthrough. However, as the overall econom...
Kazakh economy keeps growing at decent rate, results by segments remain mixed
KAZAKHSTAN · In Brief · 17 Oct 2024
The Bureau of National Statistics reported that in 9M24, the short-term indicator (the Bureau’s monthly flash estimate of the country’s economic activity) grew by 5.3% y-o-y and seemingly accelerated sharply in September as, in 8M24, it was up by 4.4%. Note that this measure is weighted activity ...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 15 Oct 2024
Oct 3 Borrowings: Kazakhstan placed sovereign Eurobonds worth $1.5 bln at a 4.717% yield. The demand was strong as issuance was oversubscribed by a factor of 4. Energy Ministry: Kazakhstan will provide the largest compensation for oil overproduction within OPEC+ in October Oct 6 President: A con...
Kazakhstan macro: The tenge correction looks healthy and will stabilize tax flow in 2025
KAZAKHSTAN · Report · 11 Oct 2024
Kazakhstan’s Ministry of Finance recently reported that tax revenues of the National Fund amounted to KZT2.980 trln in 9M24, i.e., about 50% of the annual plan (KZT5.957 trln). In 8M24, the government accumulated KZT2.863 trln (48.1% of the plan). As one can see, revenue flow remained sluggish in...
Kazakhstan placed Sovereign Eurobonds worth $1.5 bln
KAZAKHSTAN · In Brief · 06 Oct 2024
Last week, Kazakhstan issued 10Y Sovereign Eurobonds for the first time since 2015. The issue was $1.5 bln, and the spread over the US Treasuries was 88 bps. The main purpose of this borrowing was the refinancing of the bond, which is due to mature on Oct 14 (and the amount is the same - $1.5 bln...