Kazakh National Bank improves 2019 economy growth forecast

Kazakh National Bank improves 2019 economy growth forecast

The National Bank of Kazakhstan forecasts the country's economic growth of 2.7% in 2019.  (2.6% in the previous forecast round), in the first half of 2020 – 2.7%.

The main driver of economic growth will be the growth of domestic consumer demand. The positive dynamics of investment activity, primarily in the mining industry and housing construction, will continue. 

"The increase in exports of goods and services will be associated with further growth in oil and gas condensate production at the Kashagan oilfield," Kapital.kz reported.

The main factor that will determine the dynamics of inflation will be the future reinforcement of real cash income as a result of an increase in minimum wages, reduction in the tax burden for low-paid categories of workers, and continued growth in consumer lending.

The NBK forecasts that the annual inflation in 2019 will be within the target range of 4-6%, near its upper limit.

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