BAKU, Azerbaijan, November 23. The European Bank for Reconstruction and Development’s (EBRD) expects Kazakhstan’s GDP growth at 3 percent GDP growth in 2022, Trend reports, citing the latest Transition Report from the EBRD.
As of 2023 outlook, the Bank expects Kazakhstan’s economic growth to increase further to 3.5 percent, despite rising inflation.
Kazakhstan’s real GDP growth in the first half of the current year stood at 3.6 percent, the EBRD noted. At the same time, exports demonstrated a remarkable level of resilience amid high oil prices (up 50.6 percent year-on-year from January through August 2022). The strong performance of the construction, transport, and warehousing sectors has been a highlight, the report said.
As the EBRD explained, “significant downside risks remain, including any potential interruption to oil transit through Novorossiysk [oil terminal] and continued challenges related to trade and logistics” worsening due to the conflict in Ukraine.