Bi-Weekly Economic News Summary

KAZAKHSTAN - In Brief 22 Aug 2024 by Evgeny Gavrilenkov

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Aug 7 President: Mr. Tokayev approved the national development plan until 2029. According to the document, Kazakhstan's GDP in 2029 should reach $450 bln (vs $225 bln in 2023). GDP per capita in 2029 is targeted at $21,1K (in 2023 - $13,3K). The share of expenditures on food products as a percentage of total household expenditures should decrease from 51.3% to 40%, and the share of the population living below the poverty line should decline from 5.2% to 5%. President: The Kazakh authorities do not rule out a delay in developing the Kashagan gas field due to high construction costs. President: Kazakhstan's priority is the diversification of transport corridors for oil exports. The country is ready to reconsider plans (suspended earlier) for the Eskene-Kuryk oil pipeline project (from Kazhagan) to connect it further with Azerbaijan. Aug 8 President: Kazakhstan and Uzbekistan can restore mutual trade turnover to $5 bln ($4.4 bln in 2023) and double this figure in the near future. Aug 9 Development Bank of Kazakhstan: The bank and the Japanese JBIC plan to implement joint projects worth $200 mln. CPC: Oil shipment at the terminal near Novorossiysk resumed after a planned shutdown for 62 hours. Aug 12 Tatneft: Russian Tatneft has started mass production of tires at a newly built tire-producing plant in Kazakhstan. OPEC+: In July, Kazakhstan exceeded its production quota by 95K bpd Aug 13 US Department of Agriculture: The agency has maintained its forecast for wheat exports from Kazakhstan at 10.5 mln tons in the agricultural year starting from July 2024 (until June 2025). Oil supply: Kazakhstan delivered 120K tons of oil to Germany in June, including 20K tons shipped for th...