Kazakh real incomes down 4.5% y/y in 2016, largest decline in 16 years

By bne IntelliNews February 23, 2017

Real incomes of Kazakhstan’s population fell by 4.5% y/y in 2016, marking the largest decline in a single year within the past 16 years, Kazakhstan’s Ranking.kz analytical agency said on February 20.

The population's incomes along with the purchasing power of Kazakh wages fell due to the devaluation of the Kazakh currency towards the end of 2015 after the authorities adopted a free-floating exchange rate in August.

Within the period of 2011-2015, the number of Kazakhs with incomes below the living wage fell by over twofold, the agency said. In the first nine months of 2016, that number reached 452,000, which was 6000 more Kazakh citizens than in the same period of 2015.

The Kazakh subsistence minimum grew by 8.6% y/y in 2016, according to government figures. However, the jump was countered by inflation of 8.5%.

Related Articles

Romanian authorities approve takeover of 51% in KMGI by China's CEFC

The Romanian authorities have approved the transaction through which China Energy Company (CEFC) is taking over 51% of KazMunayGas International (KMGI), the majority shareholder in Romania’s ... more

Kazakhstan Stock Exchange Index up by 72% y/y as of July 19

The Kazakhstan Stock Exchange (KASE) Index increased by 72% y/y to July 19, Frontera analytics agency reported on July 25. The rise in the index was ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Dismiss