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COUNTRY INSIGHTS

National Fund remains a comfortable cushion for the budget
KAZAKHSTAN · In Brief · 13 Jan 2023

Kazakhstan’s Ministry of Finance reported that The National Fund grew to KZT28.6 trillion as of January 1, 2023 (from KZT28.0 trillion as of January 1, 2022) but contracted in dollar terms (to $62.1 bn as of January 1, 2023, from around $64.4 bn as of a year ago). This contraction (by $2.3 bn) re...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 06 Jan 2023

Dec 27 Ministry of Industry and Infrastructure Development: Kazakhstan intends to attract $874 mln from international financial organizations for the construction of treatment facilities Dec 28 Parliament: Kazakhstan introduces digital mining licensing Samruk-Kazyna: Rosatom has several advantage...

Kazakhstan Macro: Budgetary performance to remain stable in 2023
KAZAKHSTAN · Report · 27 Dec 2022

Kazakhstan’s Ministry of Finance published detailed information on the country's budgetary performance in 11M22 along with the approved 2023 republican budget (and for 2024-2025 as well). As it follows from budget execution statistics, in 11M22 the revenue flow to budgets of all levels was stable...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 23 Dec 2022

Dec 9 Agency for Regulation and Development of the Financial Market: Kazakhstan banks have received permission from OFAC to operate with Russian Mir cards Dec 12 President: Kazakhstan's GDP grew by 2.7% in Jan-Nov Prime-Minister: Kazakhstan wants to attract up to KZT 3.8 trln ($8 bln) of investme...

Kazakhstan macro: The reality may look somewhat better than statistics show
KAZAKHSTAN · Report · 16 Dec 2022

Despite several shocks, as well as elevated and uneven inflation, the Kazakh economy has performed relatively well, having weathered mini-storms associated with scheduled maintenance work on the country’s two main oilfields and problems with the CPC. At a glance, it looks as though in November, t...

The Kazakh economy was stable in November
KAZAKHSTAN · In Brief · 13 Dec 2022

The country’s Bureau of National Statistics reported that in 11M22, the monthly short-term indicator (a proxy for overall economic activity) was up by 3.2% y-o-y, which was slightly better than in 10M22 (3.1%). The industry was up by 1.4% y-o-y over the same cumulative period. Such sectors as con...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 09 Dec 2022

Nov 25 US: According to US Ambassador to the country, Mr. Rosenblum, the United States is actively cooperating with Kazakhstan in the search for alternative routes for oil exports from the republic Ministry of Industry and Infrastructure Development: Kazakhstan has worked out the opening of the t...

The National Fund grew in 11M22 despite increased transfers to the budget
KAZAKHSTAN · In Brief · 07 Dec 2022

Kazakhstan’s Ministry of Finance reported that the National Fund grew in 11M22 to around KZT28.6 trillion ($60.8 bn) from KZT28.0 trillion as of January 1. In dollar terms, the National Fund decreased, as it stayed close to $64.4 bn at the beginning of the year. As the tenge weakened from around ...

Kazakhstan macro: seemingly slow growth amid decent budgetary performance
KAZAKHSTAN · Report · 30 Nov 2022

While looking at some weather forecast websites, it is not unusual to see that in addition to the current temperatures, one may read that the weather “feels like” it is somewhat cooler or hotter – depending on various conditions, such as the strength and direction of the wind or the level of humi...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 25 Nov 2022

Nov 11 President: Kazakhstan plans to attract $20 bln in investments for the diversification of transport routes and the development of logistics by 2025, Mr. Tokayev said at the summit of the Organization of Turkic States Nov 15 Ministry of Economy: Kazakhstan's GDP grew by 2.5% in Jan-Oct (y-o-...

Kazakhstan’s budget deficit expectedly widens amid a year-end spending spree
KAZAKHSTAN · In Brief · 23 Nov 2022 · 1 response

In a short report, the Kazakh Ministry of Finance reported that in 10M22, the republican budget deficit widened to around KZT1.5 trillion from less than KZT 1.1 trillion in 9M22 as expenditures started catching up with the amended plan. In 10M2, the government spent KZT14.5 trillion, while in 9M2...

The Kazakh economy keeps growing at around 3% with no surprises
KAZAKHSTAN · In Brief · 15 Nov 2022

The country's Bureau of National Statistics reported that in 10M22 the short-term indicator grew by 3.1% y-o-y delivering no major surprises – as opposed to smaller and less industrialized countries, such as Georgian and Armenia, where an inflow of Russians had much more visible effect. According...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 10 Nov 2022

Oct 27 President: The President of the European Council Charles Michel and the President of Kazakhstan Kassym-Jomart Tokayev discussed a number of issues during a meeting in Astana and agreed to expand cooperation in the mineral resources sector, the development of a "green" economy and internati...

Kazakhstan political economy: on the way toward diversification
KAZAKHSTAN · Report · 27 Oct 2022

Snap presidential elections will be held in Kazakhstan on November 20, in which six candidates will participate. However, it is almost clear that the current head of the state, Mr. Tokaev, will win. According to the polls conducted by the Institute of Eurasian Integration, Mr. Tokaev as president...

Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 27 Oct 2022

Oct 14 Samruk-Kazyna: The IPO of the Kazakh airline Air Astana is planned for 2023-2024 President: Mr. Tokayev sees the potential for an increase of Kazakhstan's exports to Central Asian states by $1 bln, to Russia by more than $1 bln annually Oct 15 President: Kazakhstan is ready to increase gas...

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