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Analysis by Region - Emerging Markets - Kazakhstan

Publisher Oxford Economics
Published Mar 10, 2025
Length 6 Pages
SKU # OFE19929305

Description

We've increased our 2025 GDP growth forecast for Kazakhstan to 6.9% from 6.3% as some of last year's strong growth momentum will have spilled over to this year. Domestic demand rose quickly in H2 2024 on a combination of positive factors – the development of new transport and foreign trade links in the region – and negative ones – the persistent household credit bubble and ad hoc spending from the sovereign fund. Meanwhile, the expansion of the giant Tengiz oil field, which is now planned for Q2, will fuel growth in oil production this year and drive a 20% increase in oil output in 2025-2027, boosting export revenue and supporting the currency.

Table of Contents

6 Pages
Kazakhstan: Tengiz oil field expansion will boost growth this year
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Background
Economic development
Structure of the economy
Balance of payments
Policy and politics

Pricing

Currency Rates
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