Kazakhstan has increased its oil output contrary to its commitments to OPEC to curb oil production. The national currency has appreciated by 20% against the US dollar since December 2016 on the back of the favourable trade dynamics. We revised upwards the GDP growth forecast for 2017 to 2.5% as oil output will grow faster than previously expected. In 2018-2019, growth will further speed up to about 3%, with investment being the main driving force.

map Kazakhstan
Main Economic Indicators201420152016201720182019
Population, 1000 persons172891754417794...
GDP, real change in %
GDP per capita (EUR at PPP)182001870018900...
Gross industrial production, real change in %0.3-1.6-1.1...
Unemployment rate - LFS, in %, average5.
Average gross monthly wages, EUR508513377...
Consumer prices, % p.a.6.76.614.
Fiscal balance in % of GDP-2.7-2.2-1.6...
Public debt in % of GDP14.622.725.0...
Current account in % of GDP2.8-2.8-6.5-2.6-1.9-1.9
FDI inflow, EUR mn5437556815340...
Gross external debt in % of GDP77.784.3126.0...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


Monthly Report No. 7-8/2017

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2017
27 pages including 1 Table and 2 Figures



KAZAKHSTAN: Benefiting from higher oil prices

Olga Pindyuk
in: Cautious Upturn in CESEE: Haunted by the Spectre of Uncertainty
wiiw Forecast Report No. Spring 2017, March 2017 , pp. 77-80
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