Kazakhstan's current account swings into deficit in Jan-Sep

By bne IntelliNews November 12, 2015

Current account deficit amounted to $4.042bn in Kazakhstan in January-September against a surplus of $6.062bn in the same period of previous year, the preliminary data of the National Bank of Kazakhstan shows.

The drop in the price of oil, the country's main export commodity, is blamed for the deficit. A delay in the devaluation of the national currency, the tenge, is also partly to blame for the deficit as a strong tenge encouraged a shopping spree in Russia and other neigbouring countries, while demand for Kazakh exports fell because of a slowdown in major trading partners - Russia, the EU and China.

According to foreign trade figures for the first nine months of the year, trade surplus plummeted by 65% to $10.7bn against $30.6bn in January-September 2014, as exports fell faster than imports - 42% against 20%.

In 2014, Kazakhstan posted a full-year current account surplus of $5.994bn. 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan’s key rate held at 14% as central bank points to fears over reacceleration of inflation

Uzbekistan's central bank on April 25 kept its benchmark interest rate on hold at 14%, pointing to risks that inflation could once more accelerate. Planned hikes of state-regulated prices for ... more

Ukraine's DTEK seeks $350mn to restore energy capacity after Russian attacks

Ukraine's leading private energy company, DTEK, has sounded the alarm, indicating an urgent need for $350mn to recuperate lost capacity resulting from Russia's relentless assaults on thermal power ... more

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

Follow Us On

Most Read

  1. The models are wrong, climate change is accelerating faster than predicted
    4 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
    9 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    6 days ago
  5. COLLINGWOOD: Ukraine’s power blackout means a dark future
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    30 days 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
    19 days ago
  5. Iran vs Israel: Who is better equipped for war?
    15 days ago

Reports

Dismiss