In May, Kazakhstan’s real sector continued to demonstrate strong growth. The main drivers of the economy remain construction, transportation, and warehousing sectors. High volumes of oil production are supporting the mining industry. At the same time, Kazakhstan has the largest quota overrun among OPEC+ countries.
Positive developments in the real sector are offset by weak performance in international trade and the execution of state budget. Over the first four months of the year, export declined by 11.5% year-over-year. The most significant drop was observed in crude oil exports to the United States and Asian countries. The negative dynamics in external trade are reflected in lower revenues to the National Fund, reduced transfers to the republican budget, and weaker performance in the execution of both revenues and expenditures of the state budget.
In May, investment activity maintained its upward trend, primarily driven by public-financed investments.
Read more in the Socio-Economic Development Review.
