AKIPRESS.COM - Anticipating more buoyant global oil prices, Kazakhstan’s growth forecasts were raised from 3.2% to 3.7% for 2018 and from 3.5% to 3.9% for 2019 in the ADB's Asian Development Outlook Update.
Global oil prices higher than envisaged earlier boosted growth in Kazakhstan in the first half, albeit slightly less than a year earlier. Oil and natural gas production rose, as did first quarter exports and investment.
Inflation in Kazakhstan slowed from 7.7% to 6.3%, partly reflecting currency appreciation in early 2018.
The economy grew by 4.1% in the first half of 2018, reflecting broad gains in industry, services, and agriculture. Inflation was 6.4%. With expansion greater than expected in private consumption, investment, and exports, stimulated in part by higher petroleum prices, growth forecasts are raised to 3.7% for 2018 and 3.9% for 2019, while faster growth and higher fuel prices prompt higher projections for inflation, at 7.0% in 2018 and 6.5% in 2019. Current account deficits are now forecast narrower, at 1.5% in 2018 and 2.5% in 2019, thanks to higher petroleum prices.