Kazakhstan’s GDP growth amounted to almost 3 percent in the first nine months of 2022. According to Galymzhan Pirmatov, Governor of the National Bank of Kazakhstan, the figure is fully in line with the forecasts. The decline of the mining industry led to a business slowdown due to maintenance works at the country’s major mines and an accident at the Kashagan oilfield. Meanwhile, the manufacturing industry, trade, information and communication, transport and agriculture contributed positively. Further economic growth will be driven by the positive dynamics in domestic demand and real exports, as well as the recovery rate of oil production.
National Bank of Kazakhstan raises base rate to 16%
The day before, the main financial regulator of the country raised the base rate to 16 percent. This measure, experts say, is necessary to curb inflation. The latter has exceeded the expectation this year. In addition, the regulator reserves the right to further tighten monetary policy if necessary. And there is still a potential for an increase in the base rate that previously was 14.5 percent.
