Kazakhstan cut its forecast of industrial production to 3.4% y/y this year from original 3.8% y/y, according to the government answer to “Reuters” question. In 2014, industrial output is expected to grow by 2.7% y/y, down from earlier projected 3.4% y/y. The Economy Ministry blamed weaker export demand for Kazakh commodities. Coal production is expected to decrease by 4.6% y/y this year, ferrous metals – by 13% and oil refining by 3.7%, the ministry has added. In Jan-Sep, industrial production expanded by 2.1% y/y against 0.5% y/y reported in the same period of previous year.
The Kazakh government keeps its GDP growth forecast unchanged at 6% y/y. However, the recent change in industrial output projection may force the authorities to revise it downward. Recently, the IMF cut Kazakhstan’s GDP forecast to 5% from 5.25% for 2013.
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