Stable growth in 1Q23

KAZAKHSTAN - In Brief 18 Apr 2023 by Alexander Kudrin
Kazakhstan’s Bureau of National Statistics reported that in 1Q23, the economy continued to expand at a decent pace. The short-term indicator grew in 1Q23 by 5.1% y-o-y. This indicator is a monthly measure of economic activity, which includes the six most important sectors that cover 60% of the country’s economy. In 2M23, it was up by 4.0% y-o-y. In January, the figure was 5.0% y-o-y. Even though the reported y-o-y growth for these three months looked quite volatile, on aggregate, the Kazakh economy keeps expanding steadily, and industry remains one of the main drivers. Industrial output increased in March and 3M23 by 5.2% and 2.8% y-o-y. This growth originated from a strong performance of the manufacturing segment (up by 11.3% and 5.4% y-o-y over the same periods). The mining segment was nearly flat in 1Q23, having posted 0.2% y-o-y growth. As oil extraction continues to recover, the extraction of metal ores remains under pressure. Iron ore extraction decreased by 27.8% and 29.1% y-o-y in March and 3M23. In the forthcoming report, we will provide more color on economic trends in Kazakhstan, as a bunch of new statistical data for March is now available. Evgeny Gavrilenkov Alexander Kudrin

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