Macroeconomic Forecast Kazakhstan

Kazakh industrial output growth flipped back into positive territory in June following seven consecutive months of y-o-y contractions. Industrial production expanded by 7.0% y-o-y, 1.8% and 2.3% in June, July and August, respectively, bringing average growth over the first eight months of the year to -1.5%. As a result of the faster than expected recovery in the industrial sector we have revised up our average industrial production growth forecast for 2009 to 0.0%, from an original -2.3%.

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