Kazakhstan: Economy

Low revenues from oil exports cut Kazakhstan's growth to 1.0% in 2016 and widened the current account deficit, while the lagged effect of depreciation in 2015 pushed average inflation to 14.6%. As oil price recovery boosts development spending, growth is forecast at 2.4% in 2017 and 2.2% in 2018. The current account is expected to improve and inflation to fall in 2017 and 2018. The banking system needs strengthening. Read more from Asian Development Outlook 2017

Economic forecasts for Central Asian countries

Country 2017 2018
Armenia 2.2 2.5
Azerbaijan -1.1 1.2
Georgia 3.8 4.5
Kazakhstan 2.4 2.2
Kyrgyz Republic 3.0 3.5
Tajikistan 4.8 5.5
Turkmenistan 6.5 7.0
Uzbekistan 7.0 7.3
Average 3.1 3.5
Country 2017 2018
Armenia 1.2 1.8
Azerbaijan 9.0 8.0
Georgia 4.2 4.5
Kazakhstan 8.0 7.0
Kyrgyz Republic 5.0 4.0
Tajikistan 8.0 7.0
Turkmenistan 6.0 6.0
Uzbekistan 9.5 10.0
Average 7.8 7.3
Country 2017 2018
Armenia -2.3 -2.0
Azerbaijan 5.9 11.4
Georgia -12.0 -11.5
Kazakhstan -3.4 -3.0
Kyrgyz Republic -13.0 -13.5
Tajikistan -5.5 -6.0
Turkmenistan -15.0 -13.0
Uzbekistan 0.2 0.4
Average -3.0 -1.7

Source: Asian Development Outlook 2017