KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Kazakhstan macro: Budget 2025 looks safer now with a weaker tenge
KAZAKHSTAN · Report · 29 Nov 2024
A couple of days ago, Majilis (the lower chamber of the Kazakh parliament) reportedly approved the updated version of the republican 2025 budget along with the indicative budgets for several following years. Legislators also amended the revenues and expenditures of the 2024 Kazakh republican budg...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 Nov 2024
Nov 14 Energy Ministry: During the UN Climate Change conference COP29 in Baku, Kazakhstan signed a joint declaration targeting a three-fold increase in nuclear energy production by 2050. Prime Minister: The Prime Minister of Kazakhstan Mr. Bektenov met with CEO of the Russian Nuclear Corporation ...
A too slow tenge’s weakening still holds tax revenues at bay
KAZAKHSTAN · In Brief · 25 Nov 2024
As the tenge hovered close to USD/KZT 500 in recent days (but didn’t cross this level) tax revenue flow, associated with the oil price and the exchange rate, remained unimpressive in October. From the fundamental point of view the tenge should have been at these levels (and even a bit weaker) a y...
Economic growth remains strong enough in October but is uneven among sectors
KAZAKHSTAN · In Brief · 15 Nov 2024
As the tenge slowly climbs toward the USD/KZT 500 milestone mark amid some unwillingness of the regulators to see it weakening, as the NBK occasionally reiterates its intentions to “support” the currency, the Kazakh economy keeps growing relatively fast. This “support” largely stems from the need...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 14 Nov 2024
Oct 30 Government: Due to the Tengiz project expansion, Kazakhstan expects to receive $2.8 bln in the budget by the end of 2025. Economy Ministry: The foreign assets of the National Fund of Kazakhstan will amount to $78.7 bln by 2027. Kazakhstan Automobile Union: Production of motor vehicles in K...
Inflation accelerates in October, as budgetary spending catches up with amended plan
KAZAKHSTAN · In Brief · 05 Nov 2024
The Bureau of National Statistics reported that in October, m-o-m inflation accelerated to 0.9% (versus 0.4% in September). Inflation y-o-y climbed to 8.5% (from 8.3% in September). Services prices grew by 14.3%, inflation in the non-food segment reached 7.8%, and food prices were up by a mere 4....
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 30 Oct 2024
Oct 16 National Nuclear Company: Kazatomprom and German Siemens have signed a strategic agreement on partial localization of equipment production in Kazakhstan. Samruk-Kazyna: The Fund and the Chinese CITIC Group have agreed on strategic cooperation. Banking regulation: The Agency for Regulation ...
Kazakhstan macro: mixed budgetary performance in 9M24 amid lack of tax revenues
KAZAKHSTAN · Report · 28 Oct 2024
At the end of last week, the Ministry of Finance released its monthly budgetary statistics, which revealed the continuous underperformance in the collection of taxes linked to oil prices and the exchange rate, and the September data didn’t point to any breakthrough. However, as the overall econom...
Kazakh economy keeps growing at decent rate, results by segments remain mixed
KAZAKHSTAN · In Brief · 17 Oct 2024
The Bureau of National Statistics reported that in 9M24, the short-term indicator (the Bureau’s monthly flash estimate of the country’s economic activity) grew by 5.3% y-o-y and seemingly accelerated sharply in September as, in 8M24, it was up by 4.4%. Note that this measure is weighted activity ...