Country Report Kazakhstan
The Economist Intelligence Unit, May 2013, Pages: 27
Real GDP grew by 4.6% year on year in January-March 2013, down from 5.6% in the year-earlier period, according to the Statistics Agency of the Republic of Kazakhstan (SARK).
The short-term economic growth indicator (which amalgamates the latest data from key sectors, comprising around 70% of the economy) shows a modest pick-up in April. The indicator grew by 3.9% year on year in January-April, up from 3.7% in the first quarter, supporting our view that headline output growth will rise gradually during the year. Over the first four months of 2013 industrial production expanded by 1.9% year on year, unchanged from the first quarter. The important mining sector remained steady, at 2.7% year on year, with oil and associated gas output up by 2.4%, to 27.2m tonnes, and natural gas production rising by 5.2%, to 10.9bn cu metres. Moreover, output from the agricultural sector grew by 1% year on year in January-April, up from 0.4% in January-March.
Consumer demand remained strong, with retail trade growth accelerating by 14% year on year in April, up from 12.5% in March. A low rate of unemployment, standing at 5.3% in April, combined with fairly high levels of social spending, has supported retail sales growth in recent months. The contraction of import costs by 8.8% year on year in the first quarter is therefore likely to reflect weak continued investment growth. In contrast, exports were up by 4.6% year on year in this period, dominated as usual by products from the natural resources sector.
Country Report Kazakhstan
Real GDP grew by 4.6% year on year in the first quarter
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