Description: Kazakhstan - On the Crest of the Oil Wave : Kazakhstan Economic Update, Spring 2013

Kazakhstan - On the Crest of the Oil Wave : Kazakhstan Economic Update, Spring 2013

Economic growth slowed in 2012 due to capacity constraints in the oil sector, weaker global demand for metals, and unfavorable weather conditions affecting crop production. Overall, industrial output expanded by 0.5 percent in 2012, with negligible...

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Bibliographic Details
Main Authors:	Sarsenov, Ilyas, Madani, Dorsati
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	ACCESS TO FINANCING AGRICULTURE ASSET MANAGEMENT BALANCE DUE BALANCE OF PAYMENTS BALANCE SHEET BANK LENDING BANK LIQUIDITY BANKING SECTOR BANKING SYSTEM BASIS POINTS BUDGET BUDGET SURPLUS BUDGET SURPLUSES BUDGETING CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL INVESTMENTS CAPITALIZATION CENTRAL BANK CIVIL SERVICE COMMODITY PRICES COMPARATIVE ADVANTAGES COMPETITIVENESS CONFLICT OF INTEREST CONSUMER CHOICE CONSUMPTION CONTRACTS CREDIT RATING CREDITOR CURRENCY CURRENCY REGULATIONS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT RESTRUCTURING DECENTRALIZATION DEMAND DEMAND DEPOSITS DEPOSITS DEVELOPMENT BANK DEVELOPMENT POLICY DEVELOPMENT STRATEGY DIRECT INVESTMENTS DISCOUNT DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC SECURITIES ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC OUTLOOK ECONOMIC POLICIES ECONOMIC RESEARCH ENABLING ENVIRONMENT ENTERPRISES ENTREPRENEURSHIP EQUIPMENT EQUITY EXCESS SUPPLY EXCHANGE EXCHANGE RATE EXPENDITURE EXPENDITURES EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FINANCE FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FISCAL POLICY FISCAL YEAR FIXED CAPITAL FIXED INVESTMENT FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTOR FREE TRADE FUTURE GDP GDP PER CAPITA GINI COEFFICIENT GOOD GOODS GOVERNANCE GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT INVESTMENTS GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH POTENTIAL GROWTH PROJECTIONS GUARANTEE HOUSING HUMAN CAPITAL HUMAN DEVELOPMENT HUMAN RESOURCES INCENTIVES INCOME TAX INDEBTEDNESS INDUSTRIALIZATION INDUSTRY INFLATION INFLATION RATE INFLUENCE INFRASTRUCTURE INFRASTRUCTURE DEVELOPMENT INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERINGS INPUTS INSOLVENCY REGIME INSTRUMENT INSTRUMENTS INSURANCE INSURANCE CORPORATION INTEREST INTEREST PAYMENTS INTEREST RATE INTERESTS INVESTING INVESTMENT INVESTMENT CLIMATE INVESTMENT FUND INVESTORS IPO JUDICIAL SYSTEM LABOR LABOR MARKET LEGISLATION LENDING LIABILITIES LIQUIDITY LIVING STANDARDS LOAN LOAN PORTFOLIO LOCAL BANKS LOCAL GOVERNMENT LONG-TERM INVESTMENTS MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMICS MARKET MARKET ECONOMY MARKET INDEX MARKET INFORMATION MARKET PARTICIPANTS MARKET SIZE MARKETS MATURITY MEASUREMENT MERITOCRACY MICROFINANCE MIGRATION MONETARY POLICIES MONETARY POLICY MONEY MONEY SUPPLY NATIONAL BANK NATURAL MONOPOLIES NATURAL RESOURCES NET EXPORTS NON-PERFORMING LOANS NPL OIL PRICE OIL PRICES OIL RESERVES OPTIONS OUTCOMES OUTSTANDING CREDIT PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION RIGHT PENSION SYSTEM PENSION SYSTEM REFORM PENSIONS POOR ASSET QUALITY PORTFOLIO PORTFOLIO INVESTMENTS POVERTY PRICE INCREASES PRIVATE BANK PRIVATE INVESTMENTS PROBLEM LOANS PRODUCTION PROPERTY PUBLIC ASSETS PUBLIC DEBT PURCHASING POWER RATE OF RETURNS RATES OF RETURN REAL EXCHANGE RATE REAL GDP REAL INCOME RELIGIOUS SOCIETY REMITTANCES RESERVE RESERVE FUND RESERVES REVENUE REVENUES RISK AVERSION RULE OF LAW SAVINGS SECURITY SERVICES SHARE SHARES STOCK SWAP TARIFF TARIFF BARRIERS TARIFFS TAX EXEMPTIONS TAX RATES TAXES TOTAL REVENUE TRADE BALANCE TRADE BARRIERS TRADE DIVERSION TRADE POLICY TRADING TRUSTS UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY WAGES WEALTH WITHDRAWALS WORLD TRADE ORGANIZATION WTO
Online Access:	http://documents.worldbank.org/curated/en/2013/03/18457759/kazakhstan-crest-oil-wave http://hdl.handle.net/10986/22126

Description
Summary:	Economic growth slowed in 2012 due to capacity constraints in the oil sector, weaker global demand for metals, and unfavorable weather conditions affecting crop production. Overall, industrial output expanded by 0.5 percent in 2012, with negligible contribution to Gross Domestic Product (GDP) growth for the year. Against the decline of agriculture, and little change in industry overall, real GDP growth was supported by a 10 percent year/year growth of the services sector in 2012. Higher export revenues supported strong domestic demand for trade and transportation, as well as for other non-tradable services. High oil prices continued spurring domestic consumption while fixed capital investments remained depressed. Private consumption remains the main contributor to GDP growth as it has been growing by 9-10 percent a year since 2010, supported by favorable commodity prices and high oil export revenue. Exports of oil largely influence the composition of Kazakhstans trading partners, while membership in the customs union appears to be affecting composition of imports. The European Union (EU) maintains the first place among trading partners of Kazakhstan, mainly due to large imports of oil and other mineral resources from Kazakhstan. Overall, employment creation continues to be driven by the services sector. Kazakhstan growth has been pro-poor, driven by job creation and real income gains. However, income disparity, which had improved up to 2009, has worsened slightly due to the crisis.

Kazakhstan - On the Crest of the Oil Wave : Kazakhstan Economic Update, Spring 2013

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