Kazakh economy shows growth in first half of 2016

By bne IntelliNews August 22, 2016

Kazakhstan’s GDP grew by 0.1% y/y to KZT19,354.4bn (€50.5bn) in the first six months of 2016, the State Statistics Committee said on August 19 as it released preliminary figures.

The Kazakh economy is experiencing one of its toughest years in over a decade as a result of low oil prices, the ongoing recession in Russia and slowing demand from China. GDP growth eased sharply to 1.2% last year from 4.3% in 2014. Growth is expected to furter ease to between 0% and 1% in 2016 depending on the average price of oil. The low price of oil makes production unprofitable at some ageing Kazakh oil fields, driving output down and badly affecting the oil-based economy.

The GDP growth in the first half of 2016 reflected a 2.7% y/y increase in the agriculture sector to KZT480bn and a 6.6% y/y hike in the construction sector to KZT983bn. Industry fell by 1.8% to KZT5.37tn. Gross added value decreased by 0.1% to KZT18.12tn.

Production of goods accounted for 35.4% of the country's GDP, or KZT6.84tn, and services for 58.2%, or KZT11.82tn. Taxes on products made 6.4% of GDP, increasing by 3.5% y/y to KZT1.24tn.

The agriculture sector accounted for 2.5% of GDP, industry for 27.8% and construction for 5.1%.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Lukoil expands in Kazakhstan

Lukoil is expanding its oil and gas operations in Kazakhstan, the Moscow-based Kommersant newspaper reported on April 8, amid limited overseas opportunities for the company because of Russia’s ... more

Kazakhstan and Uzbekistan’s combined IT exports surpass $800mn

Kazakhstan and Uzbekistan’s combined IT exports surpassed $800mn in 2023. The Kazakh IT sector's export revenue jumped from $50mn in 2020 to over $500mn last year. Astana Hub was a major ... more

Reconstruction of Afghanistan-Uzbekistan railway starts, ambition is to extend route to Pakistan

Engineers have commenced the $6.3mn and three-month reconstruction of the 75-kilometre (47-mile) cross-border railway line that links Uzbekistan and Afghanistan, ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  5. Russia’s war economy boosted by rising oil prices
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss