Kazakhstan cuts industrial production forecast.

By bne IntelliNews November 5, 2013

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.  

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Kazakhstan can expect GDP growth of 3.1% this year and 5.6% next, says IMF

The International Monetary Fund (IMF) projects real GDP growth of 3.1% this year and 5.6% in 2025 for Kazakhstan in its newly released ... more

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

Follow Us On

Most Read

  1. The models are wrong, climate change is accelerating faster than predicted
    5 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    10 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    7 days ago
  5. Russia already treating Bosnia’s Republika Srpska as an independent state
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    1 month ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    1 month ago
  4. Saudi Arabia to scale back plans for Neom city
    20 days ago
  5. Iran vs Israel: Who is better equipped for war?
    16 days ago

Reports

Dismiss