After a 2.5% contraction in 2020, the economy expanded by 4.0% in 2021 as COVID-19 restrictions began easing and vaccinations accelerated. Most sectors grew, with services contributing most. Consumption also revived in 2021, with private consumption growing by 5.0% and public consumption easing to 1.2%. However, prospects dampened for the immediate future due to conflict between the Russian Federation and Ukraine, as spillovers from the economic sanctions on the Russian Federation will likely drag on Kazakhstan’s growth. GDP is forecast to grow by 3.2% in 2022, inching back up to 3.9% in 2023.
|Composite Stock Price Index 1||4.0 (Oct23)||3.0||3.0|
|Broad Money Growth 2||7.7 (Sep23)||7.7||9.3|
|Headline Inflation Rate 3||10.8 (Oct23)||11.8||18.8|
|Industrial/ Manufacturing Production Growth Rate 3||9.4 (Sep23)||5.4||-1.3|
|Merchandise Export Growth 3||-14.8 (Sep23)||-14.8||-12.8|
|Exchange Rate Index 4||358.1 (Oct23)||352.1||354.9|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database.|
Initiatives / FTAs
ADB Working Paper Series1 items
on Regional Economic
Studies and Research