Kazakh National Bank raises 2025 GDP growth forecast to 5.5–6.5%The National Bank of Kazakhstan has upgraded its forecast for the country’s economic growth in 2025 and revised its inflation outlook for this year.GDPThe central bank now expects Kazakhstan’s GDP to expand by 5.5–6.5% in 2025, compared with its previous estimate of 5–6%.“The forecast has been revised in view of the strong current pace of economic growth, robust investment activity, and sustained consumer demand,” the National Bank said in a statement Friday.The GDP forecast for 2026 remains unchanged at 4–5%.“In 2026, growth will be supported by continued expansion in the oil sector and investment activity. From 2027 onwards, GDP growth rates are projected to converge toward an equilibrium level,” the statement says.President Kassym-Jomart Tokayev earlier stated that the economy would grow by at least 5.5% in 2025, noting that the government is seeking additional drivers of growth.Kazakhstan’s GDP grew 6.3% in January–July 2025, after expanding 4.8% in 2024 and 5.1% in 2023.INFLATIONThe National Bank also revised its inflation forecast for 2025."Inflation is expected to be within 11-12.5% in 2025, 9.5-11.5% in 2026 and 5.5-7.5% in 2027," the financial regulator said.Previously, the National Bank had forecast inflation for 2025 at 10.5-12.5%.“Inflationary pressures are linked to spikes in certain food markets and stronger demand-side factors. A tight monetary policy and planned fiscal consolidation measures will help curb inflation,” the regulator said.Inflation in Kazakhstan came in at 0.7% in July 2025, slowing from 0.8% in June. Year-on-year inflation reached 11.8% in July, remaining at the same level as in June (11.8%).In 2024, inflation slowed to 8.6% from 9.8% in 2023. The National Bank aims to stabilize it near 5% in the medium term. (ICE ALMATY)

Fonte notizia: INTERFAX