Kazakhstan: Economy | Asian Development Bank

Kazakhstan: Economy

Growth in the first half of 2017 rose to 4.2% on expansion in extractive industries and higher oil and metal prices. Inflation slowed to 7.7%. With a stable external environment and recovering oil production, growth forecasts are raised to 2.7% for 2017 and 3.0% for 2018, while inflation forecasts are maintained at 8.0% and 7.0%. Projected current account deficits are widened to 4.5% for 2017 and 3.5% for 2018 as higher private consumption raises forecasts for imports. Read more from Asian Development Outlook 2017 Update

Economic forecasts for Central Asian countries

Country 2017f 2018f
Armenia 3.8 3.0
Azerbaijan –1.3 1.0
Georgia 4.2 4.5
Kazakhstan 2.7 3.0
Kyrgyz Republic 4.0 4.0
Tajikistan 5.0 5.5
Turkmenistan 6.5 6.5
Uzbekistan 6.8 7.5
Average 3.3 3.9
Country 2017f 2018f
Armenia 1.2 1.8
Azerbaijan 14.0 10.0
Georgia 5.7 4.0
Kazakhstan 8.0 7.0
Kyrgyz Republic 3.5 5.0
Tajikistan 8.0 7.5
Turkmenistan 5.7 5.5
Uzbekistan 11.5 12.0
Average 8.9 7.8
Country 2017f 2018f
Armenia –2.5 –2.3
Azerbaijan 5.6 11.0
Georgia –12.0 –11.5
Kazakhstan –4.5 –3.5
Kyrgyz Republic –13.0 –13.5
Tajikistan –5.5 –6.0
Turkmenistan –12.8 –12.4
Uzbekistan 0.1 0.5
Average –3.4 –2.0

f = forecast number.

Source: Asian Development Outlook 2017 Update