World Economy

Kazakh Growth Slows

Kazakh Growth SlowsKazakh Growth Slows

Kazakhstan’s oil-powered economy has been slowing or stagnant since oil prices started tanking in June 2014, resulting in turmoil for the national currency, tenge, Intellinews reported. However, a nearly 40% depreciation of the tenge since August 2015, when authorities decided to allow it to float freely, combined with good weather conditions, has been a blessing for the country’s farming sector. While overall economic growth slowed down to 1.2% y/y in 2015 from 4.3% y/y in 2014 and further to 0.1% y/y in the first half of 2016, the country’s agriculture grew by 1.3% y/y in 2014 and 3.5% y/y in 2015. Growth stood at 2.7% in the first half of 2016.