EBRD remains positive over Kazakhstan's GDP growth in 2013.

By bne IntelliNews January 22, 2013
EBRD remains positive over Kazakhstan's GDP growth prospect for 2013. According to the bank's latest economic outlook, Kazakh economy is projected to expand by 6% y/y in 2013 as Kashagan oil field will be put on stream. At the same time, the EBRD noted that the banking system of Kazakhstan remain weak despite the second restructuring process of BTA Bank. The bank noted that CPI inflation stood at 6% y/y in 2012 but expects further acceleration due to higher food prices. The EBRD projection for 2013 is more positive than the one provided by the World Bank. The latest sees GDP growth in Kazakhstan at 5.5% (revision downward from earlier projected 5.8%). The same level of GDP growth is projected by the State Stat Agency. In 2012, the EBRD expects GDP growth at 5% (revision downward by 0.5ppt from the bank's projection made in October 2012) which is in line with the recent preliminary data released by the Kazakh State Stat Agency.

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