Macroeconomic Review of 2016

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Summary of the situation in the domestic economy presented by the Department of the consolidated analysis of NCE RK "Atameken"

The implementation of the package of anti-crisis measures of the Government and the stabilization of the external background contributed to the economic recovery in the second half of 2016, the increase of which at the end of the year was 1.0%.
Inflation stood at 8.5%, higher than the 0.5% than projected by the Government of the Republic of Kazakhstan corridor (6.0-8.0%).
For the second year in a row the industrial sector shows a negative result, mainly due to lower oil production by 1.8%.
The growth of investment in fixed assets amounted to 5.1%, but the return on them can’t be too large, because more than half of investments were directed to the development of infrastructure (57%), rather than on machinery and equipment (28%).
The real wages of the population continues to decline for the second year in a row, down 0.9% compared to last year.
Against the background of declining revenues real consumer spending fell by 0.3%.
Foreign Trade of Kazakhstan continues to decline for the third consecutive year. There is tendency of exceeding the rate of reduction of exports volume (-22.2%) over the pace of reduction of the cost of imports volumes (-20.1%).
International reserves of the country, including foreign currency assets of the National Fund decreased by 0.7% in 2016.
The average interest rate on loans increased from 14.3% in 2015 to 16.0% in 2016.

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