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 still uneven pandemic-related base effects. Still, the so-called short-term indicator, whose growth rate may be considered a proxy for economic growth overall, posted 5.9% y-o-y growth in 5M22. Meanwhile, GDP grew by 4.4% y-o-y in 1Q22.
Overall, the economic situation in Kazakhstan looked all right in 5M22, and the only unpleasant issue was high inflation, which accelerated to 14% y-o-y. However, combined with high oil prices, it was a sort of booster for budgetary revenue flows.
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