Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 02 Oct 2024 by Evgeny Gavrilenkov
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 President: Kazakhstan's GDP grew by 3.7% y-o-y in 8M24. Agency for Regulation and Development of the Financial Market: The Bank Kaspi.kz complies with the sanctions regime. Sep 25 Energy Ministry: Germany asks Kazakhstan to increase oil supplies from 1.2 mln tons to 2.5 mln tons in 2024. Asian Development Bank: The ADB downgraded Kazakhstan's 2024 GDP growth forecast to 3.6% (from 3.8%). Oil transportation: In 8M24, oil exports via the Baku-Tbilisi-Ceyhan pipeline decreased by 3.3% y-o-y. Energy Ministry: Kazakhstan is discussing with Russia the possibility of increasing oil exports to Germany through Russia. Energy Ministry: Kazakhstan is not ready to announce how much the 2024 oil production plan will change, but it is committed to fulfilling its obligations to OPEC+. Sep 26 EBRD: The bank has lowered the forecast for economic growth in Kazakhstan in 2024 from 4.5% to 4%, and the forecast for 2025 remains unchanged at 5.5%. Sep 30 Agriculture ministry: Farmers collected 20 mln tons of grain, having harvested 81% of the area under grain crops. Oct 1 Bureau of National Statistics: In September, CPI in Kazakhstan slowed to 8.3% y-o-y (0.4% m-o-m) vs 8.4% y-o-y in August. IMF: The Fund urged the Kazakh authorities to continue structural reforms of the economy to achieve GDP growth of 6%.

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