KAZAKHSTAN
Analyst
Evgeny Gavrilenkov
Former Investment Bank Chief EconomistRecent Country Insights
Economic growth remains strong enough in October but is uneven among sectors
KAZAKHSTAN · In Brief · 15 Nov 2024
As the tenge slowly climbs toward the USD/KZT 500 milestone mark amid some unwillingness of the regulators to see it weakening, as the NBK occasionally reiterates its intentions to “support” the currency, the Kazakh economy keeps growing relatively fast. This “support” largely stems from the need...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 14 Nov 2024
Oct 30 Government: Due to the Tengiz project expansion, Kazakhstan expects to receive $2.8 bln in the budget by the end of 2025. Economy Ministry: The foreign assets of the National Fund of Kazakhstan will amount to $78.7 bln by 2027. Kazakhstan Automobile Union: Production of motor vehicles in K...
Inflation accelerates in October, as budgetary spending catches up with amended plan
KAZAKHSTAN · In Brief · 05 Nov 2024
The Bureau of National Statistics reported that in October, m-o-m inflation accelerated to 0.9% (versus 0.4% in September). Inflation y-o-y climbed to 8.5% (from 8.3% in September). Services prices grew by 14.3%, inflation in the non-food segment reached 7.8%, and food prices were up by a mere 4....
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 30 Oct 2024
Oct 16 National Nuclear Company: Kazatomprom and German Siemens have signed a strategic agreement on partial localization of equipment production in Kazakhstan. Samruk-Kazyna: The Fund and the Chinese CITIC Group have agreed on strategic cooperation. Banking regulation: The Agency for Regulation ...
Kazakhstan macro: mixed budgetary performance in 9M24 amid lack of tax revenues
KAZAKHSTAN · Report · 28 Oct 2024
At the end of last week, the Ministry of Finance released its monthly budgetary statistics, which revealed the continuous underperformance in the collection of taxes linked to oil prices and the exchange rate, and the September data didn’t point to any breakthrough. However, as the overall econom...
Kazakh economy keeps growing at decent rate, results by segments remain mixed
KAZAKHSTAN · In Brief · 17 Oct 2024
The Bureau of National Statistics reported that in 9M24, the short-term indicator (the Bureau’s monthly flash estimate of the country’s economic activity) grew by 5.3% y-o-y and seemingly accelerated sharply in September as, in 8M24, it was up by 4.4%. Note that this measure is weighted activity ...
Bi-Weekly Economic News Summary
KAZAKHSTAN · In Brief · 15 Oct 2024
Oct 3 Borrowings: Kazakhstan placed sovereign Eurobonds worth $1.5 bln at a 4.717% yield. The demand was strong as issuance was oversubscribed by a factor of 4. Energy Ministry: Kazakhstan will provide the largest compensation for oil overproduction within OPEC+ in October Oct 6 President: A con...
Kazakhstan macro: The tenge correction looks healthy and will stabilize tax flow in 2025
KAZAKHSTAN · Report · 11 Oct 2024
Kazakhstan’s Ministry of Finance recently reported that tax revenues of the National Fund amounted to KZT2.980 trln in 9M24, i.e., about 50% of the annual plan (KZT5.957 trln). In 8M24, the government accumulated KZT2.863 trln (48.1% of the plan). As one can see, revenue flow remained sluggish in...
Kazakhstan placed Sovereign Eurobonds worth $1.5 bln
KAZAKHSTAN · In Brief · 06 Oct 2024
Last week, Kazakhstan issued 10Y Sovereign Eurobonds for the first time since 2015. The issue was $1.5 bln, and the spread over the US Treasuries was 88 bps. The main purpose of this borrowing was the refinancing of the bond, which is due to mature on Oct 14 (and the amount is the same - $1.5 bln...