KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
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 ...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 15 Oct 2024
Oct 3 Borrowings: Kazakhstan placed sovereign Eurobonds worth $1.5 bln at a 4.717% yield. The demand was strong as issuance was oversubscribed by a factor of 4. Energy Ministry: Kazakhstan will provide the largest compensation for oil overproduction within OPEC+ in October Oct 6 President: A con...
Kazakhstan macro: The tenge correction looks healthy and will stabilize tax flow in 2025
KAZAKHSTAN · Report · 11 Oct 2024
Kazakhstan’s Ministry of Finance recently reported that tax revenues of the National Fund amounted to KZT2.980 trln in 9M24, i.e., about 50% of the annual plan (KZT5.957 trln). In 8M24, the government accumulated KZT2.863 trln (48.1% of the plan). As one can see, revenue flow remained sluggish in...
Kazakhstan placed Sovereign Eurobonds worth $1.5 bln
KAZAKHSTAN · In Brief · 06 Oct 2024
Last week, Kazakhstan issued 10Y Sovereign Eurobonds for the first time since 2015. The issue was $1.5 bln, and the spread over the US Treasuries was 88 bps. The main purpose of this borrowing was the refinancing of the bond, which is due to mature on Oct 14 (and the amount is the same - $1.5 bln...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 02 Oct 2024
Sep 23 Ministry of Agriculture: The Government of Kazakhstan has upgraded the 2024 grain harvest forecast and expects to harvest at least 20 mln tons versus 13-14 mln tons earlier. Government: Kazakhstan will increase financing of the agriculture industry by 20% to $1.5 bln in 2025. Sep 24 Presid...
Kazakhstan macro: budgetary policy to gradually improve
KAZAKHSTAN · Report · 27 Sep 2024
The August budgetary statistics brought no surprises as trends that had emerged previously remain the same. At the same time, recent statistics and some official publications hinted at some changes in budgetary policy and the implications for exchange rate dynamics. Even though the tenge weakened...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 18 Sep 2024
Sep 5 Government: The First Deputy Prime Minister, Mr. Sklyar, met with Gazprom's CEO, Mr. Miller, to discuss issues of cooperation. Government: Kazakhstan and Kyrgyzstan want to create a trade and logistics hub on the border, investments are estimated at $62 mln. Sep 6 Energy Ministry: Kazakhsta...
Steady economic performance in August
KAZAKHSTAN · In Brief · 13 Sep 2024
According to the Bureau of National Statistics, the short-term indicator that captures economic activity in industry, agriculture, construction, communications, trade, and transportation combined with warehousing grew by 4.4% y-o-y in 8M24 (up from 4.1% y-o-y in 7M24). Construction was the fastes...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 04 Sep 2024
Aug 22 OPEC+: The OPEC has received updated compensation plans from Kazakhstan for the 7M24 over-production of oil volumes, which totaled about 1 699K bpd. KMG: The company and Chinese CNPC intend to launch urea production at the Zhanazholsky gas processing plant worth $1.5 bln. KMG: The company ...