KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Kazakh economy slows in April
KAZAKHSTAN · In Brief · 17 May 2024
The Bureau of National Statistics reported that the short-term indicator that measures monthly economic activity and aggregates monthly trends in the industry, agriculture, construction, transportation, trade, and IT/communications was up by 3.9% y-o-y in 4M24. As in January, 2M24, and 1Q24, it g...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 16 May 2024
May 2 Parliament: The Senate has ratified the protocol on amendments to the agreement (signed in 2013) between the governments of Kazakhstan and Russia on the transit of Russian oil to China via Kazakhstan. Amendments assumed the extension of the agreement for another ten years with a ten-percent...
Kazakhstan keeps utilizing budgeted transfers well ahead of schedule implying that tax revenues were poor in April
KAZAKHSTAN · In Brief · 10 May 2024
The Ministry of Finance reported that in 4M24, the National Fund grew from $63.7 bln as of January 1, 2024, to $64.9 bln as of May 1. In reality, it doesn’t mean that the authorities continued to build up international reserves, as in KZT terms, the fund shrank over the same period from KZT29.115...
Kazakhstan macro: economic growth to moderate amid limited stimulus, murky stats
KAZAKHSTAN · Report · 06 May 2024
According to the Bureau of National Statistics of Kazakhstan, the short-term indicator (a monthly proxy for overall economic activity) grew by 4.7% y-o-y in 1Q24. It grew by 5.1% in 2023. The short-term indicator incorporates the segments of industry, agriculture, construction, trade, transportat...
Current account deficit narrowed in 1Q24
KAZAKHSTAN · In Brief · 02 May 2024
According to the National Bank of Kazakhstan, the current account narrowed in 1Q24 to about $0.89 bn, while in 2023 its quarterly deficit varied from $1.6 bn to $3.4 bn. According to recent revisions the current account deficit reached almost $8.66 bn last year.In 1Q24, the trade surplus accounte...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 02 May 2024
Apr 17 Kazakhstan Petrochemical Industries: A purchase of 40% in a polypropylene production project in the Atyrau region (Western Kazakhstan) Kazakhstan Petrochemical Industries Inc. by the Russian company SIBUR was finally approved. Energy Ministry: Kazakhstan and Russia signed an agreement on t...
Kazakhstan macro: the budget still lacks tax revenue as the tenge remains strong
KAZAKHSTAN · Report · 26 Apr 2024
Kazakhstan’s Ministry of Finance published the budgetary statistics for 1Q24, and it appears that the general trends are the same as in 2023—the tax revenue flow remains well behind the plan, while transfers to the republican budget from the National Fund are well ahead of it. The latter factor i...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 17 Apr 2024
Apr 4 Sinopec: The Chinese company Sinopec has officially become a co-founder of Silleno LLP, which is involved in the construction of a polyethylene plant in Kazakhstan. Apr 6 President: Mr. Tokayev described the current floods as the biggest disaster in the past 80 years, both in terms of scale...
Economy grows steadily in March, albeit with some moderation
KAZAKHSTAN · In Brief · 17 Apr 2024
According to the Bureau of National Statistics, the short-term indicator (a sort of a monthly proxy for GDP) grew y-o-y by 4.7% and 4.1% in 1Q24 and March. General trends remained the same, i.e., economic growth remained uneven by sectors. Industrial output increased over the same time frames by ...