Investor Presentation on Kazakhstan's Economic Reforms
Strong Record of Economic Resilience and Growth
Kazakhstan has a strong growth track record demonstrating a higher degree of resilience vis-a-vis peers in the face of the
twin shocks stemming from the COVID-19 pandemic and the oil price crash.
Real GDP Growth and Nominal GDP
(KZT tn, %)
GDP Per Capita and Unemployment
(US$, %)
69.5
10,510
9,813
9,813
61.8
9,248
54.4
7,715
47.0
40.9
5.1%
4.5%
4.1%
4.1%
4.9%
4.9%
4.9%
4.8%
1.2%
2015
1.1%
2016
2017
2018
2019
2015
Nominal GDP
Real GDP Growth Rate
2016
GDP per Capita
2017
2018
2019
Unemployment Rate
GDP Breakdown by Expenditure Component
(% of GDP)
4.0%
3.3%
8.0%
11.7%
27.9%
27.9%
26.4%
25.3%
8.6%
27.0%
11.6%
11.7%
10.5%
8.3%
9.3%
52.6%
53.4%
51.4%
51.0%
51.3%
Real GDP Growth Projection vs BBB Rated Peers
(%, 2020F1)
(1.7%)
(4.9%)
(5.4%)
(6.7%)
(8.0%)
2019
(10.8%)
Kazakhstan
BBB/Baa3/BBB-
Mexico
BBB-/Baa1/BBB
Russia
Philippines
BBB/Baa3/BBB- BBB/Baa2/BBB+
Morocco
BBB-/Ba1/BBB-
BBB Median
2015
2016
2017
2018
■Public Consumption
■Gross Domestic Investment
■Priavte Consumption
■Non-profit Consumption
■Net Exports
Source: Ministry of National Economy Committee on Statistics, unless otherwise stated.
Note: ¹Fitch Sovereign Data Comparator September 2020
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