Kazakhstan: Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 13 May 2022 by Alexander Kudrin

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May 4 National bank: Current account surplus reached $2.2 bln in 1Q22, according to preliminary estimates Bureau of National Statistics: CPI in April was 2% y-o-y and 7.3% in 4M22 Kazakhstan Temir Zholy (local railways): Transportation for export via railroad grew in 1Q22 by 6% y-o-y May 5 Parliament: The upper chamber amended key parameters of 2022 budget. Revenues were increased by 20.6% to KZT 15.8 trln (excluding transfers from the National Fund - up to KZT 10.2 trln), expenditures - by 16.8%, up to KZT 18.8 trln. Non-oil deficit is set at 10.2% of GDP. Economic growth was revised from 3.9% to 2.1%, CPI is forecast at 8-10% (4-6% in the previous version). Average oil price is assumed at $90 per bbl (vs $60 per bbl previously) May 6 President: Kassym-Jomart Tokayev announced that referendum on amendments to the constitution of the country will be hold on Jun 5 Market: Development Bank of Kazakhstan placed three year Eurobonds worth to $500 mln at 5.75% May 12 National bank: Kazakhstan's international reserves in April remained flat ($85.9 bln), down by 4.2% since start of the year International Energy Agency: Kazakhstan oil production drops by almost 12% in April, because of repair operations the CPC terminal