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Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Feb 2023

Feb 10 NBK: Easing monetary policy in Kazakhstan in the current conditions is impractical said NBK Chairman Mr. Pirmatov Kazakhstan Temir Zholy (KTZ): The company and the Arab Abu Dhabi Ports Group discussed the creation of trade hubs in the Kazakh cities of Astana, Alma-Ata and Aktobe Feb 13 KMG...

Kazakhstan macro: expect robust economic growth in 2023 and still-high inflation
KAZAKHSTAN · Report · 17 Feb 2023

Kazakhstan’s Bureau of National Statistics reported that the country’s GDP grew by 3.2% in 2022 and, in nominal terms, reached KZT101.5 trln ($220.5 bn). The country’s GDP per capita rose to $11.2K as population reached nearly 19.78 mln people, and despite some weakening of the tenge last year, G...

Robust GDP growth in 2022
KAZAKHSTAN · In Brief · 15 Feb 2023

Kazakhstan’s Bureau of National Statistics reported that the country’s GDP grew by 3.2% in 2022 and, in nominal terms, reached KZT101.5 trln ($220.5 bn). Production of goods increased by 3.2% as the manufacturing segment of the industry grew by 3.2%, while mining contracted by 1.0%. The services ...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 09 Feb 2023

Aeroflot: The Russian company will resume its regular flights to Kazakhstan in February Jan 30 QazaqGaz: The company and Italian Eni discussed possible prospects for cooperation in f the construction of the Kashagan gas processing plant Jan 31 National bank: The current account surplus for FY22 r...

Inflation in Kazakhstan moderates in January but still remains high
KAZAKHSTAN · In Brief · 03 Feb 2023

Inflation m-o-m decelerated to 1.1% in January and was down from 1.2% in December, 1.4% in November, 1.6% in October, and 1.8% in September. Even though the m-o-m deceleration of inflation looks steady, it reached 20.7% y-o-y in January. Food price inflation reached 25.7% y-o-y, and in the non-fo...

Kazakhstan macro: financial sector to be increasingly important for growth, with an emphasis on inflation and rates
KAZAKHSTAN · Report · 30 Jan 2023

In line with an estimate by the National Bank of Kazakhstan concerning the country’s GDP growth at 3.1%, the country’s Ministry of Economy mentioned a similar figure. The National Bureau of Economic Statistics reported that in 9M22, the country’s GDP increased by 3.0%. Therefore, based on this nu...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 Jan 2023

Jan 6 The Civil Aviation Committee: Kazakhstan has extended the "open skies" regime for foreign airlines until 2028 Energy Ministry: Kazakhstan, Kyrgyzstan, and Uzbekistan have agreed on the conditions for the construction of the Kambarata HPP-1 with a capacity of 1860 MW will generate 5 bln kW-H...

Kazakhstan’s 2022 republican budget deficit smaller than planned
KAZAKHSTAN · In Brief · 25 Jan 2023

The Ministry of Finance reported that in 2022 the republican budget posted a smaller deficit than was stipulated by the amended target. This deficit accounted for KZT2.4 trln ($5.2 bn) instead of KZT3.0 trln ($6.5 bn). Own tax revenues of the republican budget exceeded the amended plan by 2.1% an...

Kazakhstan macro: economy to strengthen in 2023 in the aftermath of steady growth in 2022
KAZAKHSTAN · Report · 20 Jan 2023

The Bureau of National Statistics reported that the Kazakh economy performed quite well in 2022. It weathered several storms, such as protests in the early year, high exchange rate volatility in March-April triggered by Russia’s military activity in Ukraine, CPC disruption, and maintenance works ...

Kazakhstan’s economy grew steadily in December prompting a good start for 2023
KAZAKHSTAN · In Brief · 16 Jan 2023

The country’s economy was on the rise at the very end of 2022 as the Bureau of National Statistics reported that the short-term indicator (a monthly proxy of economic activity that includes six sectors that cover over 60% of the national economy) grew by 3.5% in 2022. In December alone, it grew e...

National Fund remains a comfortable cushion for the budget
KAZAKHSTAN · In Brief · 13 Jan 2023

Kazakhstan’s Ministry of Finance reported that The National Fund grew to KZT28.6 trillion as of January 1, 2023 (from KZT28.0 trillion as of January 1, 2022) but contracted in dollar terms (to $62.1 bn as of January 1, 2023, from around $64.4 bn as of a year ago). This contraction (by $2.3 bn) re...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 06 Jan 2023

Dec 27 Ministry of Industry and Infrastructure Development: Kazakhstan intends to attract $874 mln from international financial organizations for the construction of treatment facilities Dec 28 Parliament: Kazakhstan introduces digital mining licensing Samruk-Kazyna: Rosatom has several advantage...

Kazakhstan Macro: Budgetary performance to remain stable in 2023
KAZAKHSTAN · Report · 27 Dec 2022

Kazakhstan’s Ministry of Finance published detailed information on the country's budgetary performance in 11M22 along with the approved 2023 republican budget (and for 2024-2025 as well). As it follows from budget execution statistics, in 11M22 the revenue flow to budgets of all levels was stable...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Dec 2022

Dec 9 Agency for Regulation and Development of the Financial Market: Kazakhstan banks have received permission from OFAC to operate with Russian Mir cards Dec 12 President: Kazakhstan's GDP grew by 2.7% in Jan-Nov Prime-Minister: Kazakhstan wants to attract up to KZT 3.8 trln ($8 bln) of investme...

Kazakhstan macro: The reality may look somewhat better than statistics show
KAZAKHSTAN · Report · 16 Dec 2022

Despite several shocks, as well as elevated and uneven inflation, the Kazakh economy has performed relatively well, having weathered mini-storms associated with scheduled maintenance work on the country’s two main oilfields and problems with the CPC. At a glance, it looks as though in November, t...

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