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Macroeconomic report 1Q2023

Due to good stance in the non-commodity sector in 1Q2023, Kazakhstan's economy showed solid growth at 4.9% yoy (the highest growth rate over the past 11 years). 


Macroeconomic report 4Q2022

In 2022, Kazakhstan’s economy experienced the same challenges as the global economy as a whole – record consumer inflation, rapid and widespread tightening of monetary conditions, reduced household consumption, deteriorating residential real estate market, as well as negative consequences of the military conflict in Ukraine.


Macroeconomic report 3Q2022

Disruptions in the oil and gas industry and subdued consumer activity led to a slowdown in the economy of the Republic of Kazakhstan in 9M2022 to 2.8% yoy from 3.6% yoy in 1H2022 and 4.6% yoy in 1Q2022.


Macroeconomic report 2Q2022

During the first 5 months of this year, the economy of Kazakhstan evinced high growth rate of 4.6% yoy amidst a favorable commodity price environment in the global markets.


Inflation in June 2022

In June, consumer inflation rates continued to grow and amounted to 1.6% mom. 


State budget of Kazakhstan in 1Q2022

As a result of the outstripping growth of state budget revenues (+45% yoy) over its expenditures (+15% yoy), the state budget balance for the first time in four years developed a surplus in 1Q2022, amounting to KZT0.2 trillion.


Inflation in May 2022

We expect a further slowdown of consumer prices growth in the coming months, which will help bring annual inflation below 14%.


External trade of RK in January-March 2022

We expect a significant trade surplus to remain in the near term.


New budget policy: tenge weaker - the State treasury fuller

Higher oil prices with low tenge even with elevated State budget expenditures brought consolidated budget closer to balance in 2018, reserve accumulation of National Fund resumed, along with this increased budget dependence on oil, use of extra-budgetary funds (NBRK, ENPF) also rose that led to deep non-oil budget deficit.

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