Kazakhstan macro: The reality may look somewhat better than statistics show

KAZAKHSTAN - Report 16 Dec 2022 by Evgeny Gavrilenkov and Alexander Kudrin

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, the Kazakh economy was stable, and the economic growth rate was higher than in the previous months. 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 better than in 10M22 (3.1%). This indicator incorporates economic activity in industry, agriculture, construction, trade, transport, and communications, which account for over 60% of the country’s GDP. As the officially published statistics are not immune from internal inconsistencies, rough estimates based on the available data show that in 11M22, the y-o-y growth of the short-term indicator was somewhat higher than officially reported. With all the sensitivity analysis and reservations that one can apply in such cases, it feels as if the Kazakh economy may grow above 3% this year, especially if December statistics incorporate activities unaccounted for during the year.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.