Kazakhstan - On the Crest of the Oil Wave

Sarsenov, Ilyas; Madani, Dorsati

Kazakhstan - On the Crest of the Oil Wave | Kazakhstan Economic Update, Spring 2013

2015

Sarsenov, Ilyas | Madani, Dorsati

Economic growth slowed in 2012 due to capacity constraints in the oil sector, weaker global demand for metals, and unfavorable weather conditions affecting crop production. Overall, industrial output expanded by 0.5 percent in 2012, with negligible contribution to Gross Domestic Product (GDP) growth for the year. Against the decline of agriculture, and little change in industry overall, real GDP growth was supported by a 10 percent year/year growth of the services sector in 2012. Higher export revenues supported strong domestic demand for trade and transportation, as well as for other non-tradable services. High oil prices continued spurring domestic consumption while fixed capital investments remained depressed. Private consumption remains the main contributor to GDP growth as it has been growing by 9-10 percent a year since 2010, supported by favorable commodity prices and high oil export revenue. Exports of oil largely influence the composition of Kazakhstans trading partners, while membership in the customs union appears to be affecting composition of imports. The European Union (EU) maintains the first place among trading partners of Kazakhstan, mainly due to large imports of oil and other mineral resources from Kazakhstan. Overall, employment creation continues to be driven by the services sector. Kazakhstan growth has been pro-poor, driven by job creation and real income gains. However, income disparity, which had improved up to 2009, has worsened slightly due to the crisis.

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AGROVOC Keywords

agriculture balance of payments budget capacity building civil service conflict of interest consumption contracts decentralization demand development strategy economic development economic growth economic integration economic policies enterprises entrepreneurship equipment equity exchange rate expenditure exports external debt finance financial institutions fixed capital free trade governance gross domestic product housing human capital human resources incentives income tax indebtedness industrialization industry inflation infrastructure inputs instrument instruments insurance investment labor legislation lending liabilities liquidity living standards local government macroeconomics markets maturity measurement microfinance migration monetary policies natural resources pension pensions poverty production property public debt remittances rule of law savings services stock tariffs taxes trade barriers trusts unemployment wages world trade organization wto

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World Bank, Washington, DC

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Investment climate; Wealth; Financial crisis; Currency regulations; Financial assets; Ipo; Goods; Share; Tax exemptions; Investment fund; Loan portfolio; Economic developments; Trade balance; National bank; Guarantee; Judicial system; Pension funds; Budgeting; Asset management; Gdp; Net exports; Banking system; Oil prices; Foreign exchange market; Reserve fund; Capitalization; Economic research; Foreign currency; Local banks; Labor market; Credit rating; Trade policy; Currency; Future; Macroeconomic policy; Meritocracy; Financial sector; Capital investments; Exporters; Expenditures; Total revenue; Problem loans; Gini coefficient; Banking sector; Outcomes; Insurance corporation; Exchange; Bank liquidity; Portfolio; Economic expansion; Economic activity; Enabling environment; Poor asset quality; Inflation rate; Pension right; Excess supply; Interest rate; Debt restructuring; Trade diversion; Central bank; Reserves; Comparative advantages; Npl; Foreign direct investments; Fiscal year; Investing; Trading; Natural monopolies; Deposits; Creditor; Macroeconomic policies; Balance sheet; Government debt; Development policy; Competitiveness; Real gdp; Capital adequacy; Public assets; Market size; Balance due; Interests; Unemployment rate; Rates of return; Basis points; Foreign exchange; Options; Financial management; Human development; Financial sector development; Rate of returns; Domestic debt; Market information; Budget surplus; Direct investments; Domestic credit; Interest; Investors; Utility; Real income; Shares; Tax rates; Pension reform; Government budget; Government expenditures; Budget surpluses; Interest payments; Tariff; Discount; Private bank; Good; Monetary policy; Tariff barriers; Insolvency regime; Withdrawals; Price increases; Domestic securities; Government policy; Swap; Demand deposits; Private investments; Religious society; Government spending; Market economy; Fiscal policy; Initial public offering; Portfolio investments; Gdp per capita; Consumer choice; Infrastructure development; Purchasing power; Market; Current account surplus; Oil price; Bank lending; Long-term investments; Money supply; Market participants; Government investments; Risk aversion; Commodity prices; Foreign investor; Government revenue; Pension system; Economic outlook; Security; Development bank; Access to financing; Exporter; Loan; Non-performing loans; Growth projections; Oil reserves; Fixed investment; Pension system reform; Initial public offerings; Real exchange rate; Influence; Foreign direct investment; Revenue; Growth potential; Money; Reserve; Government securities; Revenues; Capacity constraints; Capital inflows; Market index; Capital investment; Pension fund; Outstanding credit; Current account surpluses

Language

English

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Report

In AGRIS since: 2016-03-15

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Kazakhstan - On the Crest of the Oil Wave | Kazakhstan Economic Update, Spring 2013

2015

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