Kazakh Industry Growth Unexpectedly Slows as Oil Output Shrinks

Kazakh industry grew at a slower pace than economists forecast in May as oil production declined.

Industrial output rose 0.9 percent from a year earlier, compared with a 2 percent increase the previous month, the state statistics agency said today in an e-mailed statement. That’s less than the 2.4 percent median estimate of eight economists in a Bloomberg survey. Production fell 1.5 percent from April.

While natural-gas and non-ferrous metal-ore production advanced 9.8 percent and 6.2 percent, crude output declined 0.2 percent, the agency said.

Industrial production expanded 2.3 percent from a year earlier in the first five months of the year, compared with 2.7 percent from January to April.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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