Analysis by Region - Emerging Markets - Kazakhstan
We've bumped up our 2025 GDP growth forecast for Kazakhstan to 4.1% from 3.9% and expect growth will exceed 6% in 2026. The planned expansion of the Tengiz oil field is set to boost growth towards end-2025. But the main reason for our forecast upgrade is the unexpectedly strong performance of the non-oil economy. While mining is stagnating, other sectors – construction, transportation and logistics, manufacturing, and retail sales – are growing faster, supported by the ongoing credit boom and development of new trading routes via Central Asia.
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