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COUNTRY INSIGHTS

The Kazakh economy was stable in November
KAZAKHSTAN · In Brief · 13 Dec 2022

The country’s Bureau of National Statistics reported that in 11M22, the monthly short-term indicator (a proxy for overall economic activity) was up by 3.2% y-o-y, which was slightly better than in 10M22 (3.1%). The industry was up by 1.4% y-o-y over the same cumulative period. Such sectors as con...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 09 Dec 2022

Nov 25 US: According to US Ambassador to the country, Mr. Rosenblum, the United States is actively cooperating with Kazakhstan in the search for alternative routes for oil exports from the republic Ministry of Industry and Infrastructure Development: Kazakhstan has worked out the opening of the t...

The National Fund grew in 11M22 despite increased transfers to the budget
KAZAKHSTAN · In Brief · 07 Dec 2022

Kazakhstan’s Ministry of Finance reported that the National Fund grew in 11M22 to around KZT28.6 trillion ($60.8 bn) from KZT28.0 trillion as of January 1. In dollar terms, the National Fund decreased, as it stayed close to $64.4 bn at the beginning of the year. As the tenge weakened from around ...

Kazakhstan macro: seemingly slow growth amid decent budgetary performance
KAZAKHSTAN · Report · 30 Nov 2022

While looking at some weather forecast websites, it is not unusual to see that in addition to the current temperatures, one may read that the weather “feels like” it is somewhat cooler or hotter – depending on various conditions, such as the strength and direction of the wind or the level of humi...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 25 Nov 2022

Nov 11 President: Kazakhstan plans to attract $20 bln in investments for the diversification of transport routes and the development of logistics by 2025, Mr. Tokayev said at the summit of the Organization of Turkic States Nov 15 Ministry of Economy: Kazakhstan's GDP grew by 2.5% in Jan-Oct (y-o-...

Kazakhstan’s budget deficit expectedly widens amid a year-end spending spree
KAZAKHSTAN · In Brief · 23 Nov 2022 · 1 response

In a short report, the Kazakh Ministry of Finance reported that in 10M22, the republican budget deficit widened to around KZT1.5 trillion from less than KZT 1.1 trillion in 9M22 as expenditures started catching up with the amended plan. In 10M2, the government spent KZT14.5 trillion, while in 9M2...

The Kazakh economy keeps growing at around 3% with no surprises
KAZAKHSTAN · In Brief · 15 Nov 2022

The country's Bureau of National Statistics reported that in 10M22 the short-term indicator grew by 3.1% y-o-y delivering no major surprises – as opposed to smaller and less industrialized countries, such as Georgian and Armenia, where an inflow of Russians had much more visible effect. According...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 10 Nov 2022

Oct 27 President: The President of the European Council Charles Michel and the President of Kazakhstan Kassym-Jomart Tokayev discussed a number of issues during a meeting in Astana and agreed to expand cooperation in the mineral resources sector, the development of a "green" economy and internati...

Kazakhstan political economy: on the way toward diversification
KAZAKHSTAN · Report · 27 Oct 2022

Snap presidential elections will be held in Kazakhstan on November 20, in which six candidates will participate. However, it is almost clear that the current head of the state, Mr. Tokaev, will win. According to the polls conducted by the Institute of Eurasian Integration, Mr. Tokaev as president...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 Oct 2022

Oct 14 Samruk-Kazyna: The IPO of the Kazakh airline Air Astana is planned for 2023-2024 President: Mr. Tokayev sees the potential for an increase of Kazakhstan's exports to Central Asian states by $1 bln, to Russia by more than $1 bln annually Oct 15 President: Kazakhstan is ready to increase gas...

The National Bank raises the key rate by 150 bps
KAZAKHSTAN · In Brief · 26 Oct 2022 · 1 response

The National Bank announced that it raised the key rate to 16%, i.e., by 150 bps. Last time the regulator raised the key rate at the end of July, while in early September, it kept it unchanged. The interest rate corridor remained unchanged, implying that the regulator will apply a 17% charge to s...

The 2023-2025 rolling budget gets shaped
KAZAKHSTAN · In Brief · 21 Oct 2022

The Deputy Finance Minister Mr. Birzhanov, presented in Kazakhstan’s Parliament the 2023 republican budget, along with its projections for 2024-2025. Revenues should reach KZT18.8 trillion in 2023, i.e., over KZT2.0 trillion above revenue expected in 2022. These revenues include the so-called gua...

Kazakhstan macro: Growth remains moderate as the economic climate is affected by shocks
KAZAKHSTAN · Report · 19 Oct 2022

Kazakhstan’s Bureau of National Statistics reported that the short-term indicator that aggregates activities in industry, agriculture, construction, trade, transport, and communications was up in 9M22 by 3.5% y-o-y. In 8M22, it grew by 3.7% y-o-y, therefore, pointing to some deceleration in Septe...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 14 Oct 2022

Sep 30 S&P: The agency has upgraded the long-term ratings of KazTransOil from "BB" to "BB+" Oct 3 Bureau of National Statistics: CPI in Kazakhstan in September 2022 grew 1.8% m-o-m and 17.7% y-o-y Oct 4 National bank: The regulator postponed the date of the announcement of the decision on the bas...

Kazakhstan's banking sector: a forced transformation
KAZAKHSTAN · Report · 11 Oct 2022

Over the course of 2022, the banking system of Kazakhstan has gone through a period of transformation initiated by sanctions against Russian banks by Western countries. As a result, major Russian players have left the Kazakh market, having sold their assets to locals. This may enable the latter t...

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