Kazakh real GDP growth will continue to receive tailwinds from global oil price and domestic crude production gains, though both factors will somewhat moderate in 2019 and 2020. • Moderating hydrocarbons growth will be offset by a strong outlook for investment, government led economic diversification and recovering private consumption. • Our real GDP growth forecasts of 3.8% in 2019 and 3.9% in 2020 thus remain above consensus, although we note that further KZT weakness could pose a headwind to Kazakhstan’s positive economic outlook.

Key View

SWOT

Banking 

Insurance

Asset Management

Stock Exchanges

Macroeconomic Overview

Kazakhstan Demographic Outlook

Banking & Financial Services Methodology