Kazakhstan's economic growth ground to a halt in January-September, as low energy and other commodity prices continue to hurt the oil-dependent country. The short-term economic indicator, a narrower gauge of annual GDP growth, remained unchanged on an annual basis in the first nine months of 2016, versus a 0.8% hike a year ago, the State Statistics Committee said on October 12.
The indicator is based on the change in output indices in six basic sectors: agriculture, industry, construction, trade, transport and telecommunications. These sectors constitute 60% of GDP and so the short-term economic indicator gives an idea about the country's GDP expansion.
According to the data, investment in fixed assets increased 4.1% y/y to KZT5.07tn (€15.3bn) in the nine-month period. Industrial output shrank by 2% y/y to KZT13.2tn in the current prices. The volume of gross output in agriculture went up by 4.9% y/y to KZT2.504tn.
The transport sector expanded by 4% y/y, while the telecommunications sector contracted by 3.1% y/y and the volume of trade fell by 2.7% y/y.
The Kazakh government expects economic growth to sharply ease to 0.5% this year from 1.2% in 2015. The estimate is below the latest forecast of the Asian Development Bank that pitches growth just 0.1% y/y. The International Monetary Fund (IMF), however, is more optimistic projecting this year's growth at 0.8%.
Russian fertiliser major Eurochem is placing an issue of 4-year Eurobonds, Prime reported on June 27, citing unnamed banking sources. Reportedly the yield guidance for the US-dollar denominated ... more
Cash-strapped Belarus has successfully placed $1.4bn dual-tranche US-dollar-denominated Eurobonds with five-year and ten-year maturities, Reuters reported on June 22, citing unnamed financal sources. ... more
Russia's VTB Bank has exposure to Azerbaijan Railways (ADY) debt, Yuri Soloviev, the bank's first deputy president, said on June 20 according to Reuters. The announcement follows ADY last week ... more