According to the State Committee for Statistics and Analysis, Kazakhstan's industrial output fell 1.2% in the first 9 months of 1998 compared with the same period last year.

Kazakhstan's trade deficit totalled USD 963.4m in the first 8 months of 1998 while it was USD 303.1m in the same period of 1997.

The average monthly wage in Kazakhstan fell to KZT 9,656 (USD 124) in August, down 2.8% from the previous month. The number of unemployed people fell to 259,000 at the end of September from 266,600 in August and made up 3.8% of the Kazakhstani workforce.

The money mass in circulation decreased 8.5% in the first 8 months of the year and totalled KZT 157.4bn (USD 2.017bn). The cash volume decreased 17.9% to KZT 76.2bn (USD 976m) over the same period. From the beginning of 1998 until 1 September, the proportion of cash in the total money mass decreased 5.5pp to 48.4%.

Bank deposits increased by KZT 0.5bn to KZT 82.4bn (USD 1.06bn) as of 1 September. Of this amount, individual bank deposits accounted for 39.4%. The proportion of Tenge deposits was 67.6%.

As of 1 September, bank loans totalled KZT 93.2bn (USD 1.194bn) of which short-term loans accounted for 57.6%. The refinancing rate of the National Bank has been 20.5% since 5 August. (Reuters)

Capital investment in Kazakhstan in January-September 1998 totalled KZT 135bn (USD 1.73bn), up 43% compared with the same period last year. The major investment came from companies, organisations and individuals who collectively accounted for 63% of the total amount of the capital investment. Budget resources increased 13% in the first 9 months of 1998 while in the same period of 1997 they increased 6%. However, the proportion of foreign investments decreased to 20% from 21% in the same period last year. (Reuters)

Speaking at a Tbilisi press conference during his official visit to Georgia last week, Kazakhstani Prime Minister Nurlan Balgimbaev said that Kazakhstan supports the idea of having multiple pipelines to transport oil from the Caspian region to world markets. He said that Kazakhstan does not give preference to any of the routes currently being considered. A final decision on the Major Export Pipeline (MEP) is likely to be made in late October or early November of this year. The routes Baku-Novorossiisk (via Russia), Baku-Supsa (via Georgia), and Baku-Ceyhan (via Georgia and Turkey) were cited as most probable. (Reuters)

The Deputy Minister of Energy, Industry and Trade, Esbergen Abitaev, said to Reuters that Kazakhstan's economy is unlikely to show growth this year despite the early forecast of 2.7% as it has been affected by the global commodities market crisis and the economic turmoil in Russia. According to the State Statistics Committee, Kazakhstan's industrial output has been falling since the beginning of this summer. Production has decreased both in the mining and processing industries, the chemical industry, ferrous metallurgy, and light industry. The production of oil and associated gas remains at last year's level while the production of non-ferrous metals has increased slightly. (Reuters)

According to a forecast by the Kazakhstani Ministry of Energy, Industry and Trade, Kazakhstan may achieve a GDP of USD 22.1bn in 1999. Though the targeted 1998 GDP was USD 24.5bn, it is expected to be only USD 22.3bn. (Interfax )