哈萨克斯坦股票指数 (KASE) 加自选

2025年9月，哈萨克斯坦工业生产同比增长5.2%，较上月12.8%的八年高点大幅放缓。最新数据标志着自1月以来工业活动的最疲软扩张，受采矿和采石业（8月份为6.8%对17.5%）、制造业（4.1%对9.3%）以及电力、天然气、蒸汽、热水和空调供应（3%对3.4%）的产量增幅明显较小的影响。此外，供水、废物管理和污染控制的产量下降速度更快（-1.6%对-0.5%）。按月计算，9月份工业产出下降2.9%，扭转了8月份3.8%的增长。考虑到1月至9月期间，工业生产同比增长7.4%。

Kazakhstan’s industrial production rose by 5.2% year-on-year in September 2025, slowing sharply from an eight-year high of 12.8% advance in the previous month. The latest figure marked the softest expansion in industrial activity since January, weighed down by significantly smaller increases in the output of mining and quarrying (6.8% vs 17.5% in August), manufacturing (4.1% vs 9.3%), and electricity, gas, steam, hot water, and air conditioning supply (3% vs 3.4%). Additionally, production declined at a faster pace for water supply, waste management, and pollution control (-1.6% vs -0.5%). On a monthly basis, industrial output dropped by 2.9% in September, reversing a 3.8% gain in August. Considering the January to September period, industrial production grew by 7.4% compared with the same period a year earlier.

2025年9月，哈萨克斯坦的生产者价格指数同比上涨6.5%，较上月的6.7%略有放缓。按月计算，生产者价格指数微涨0.2%，较8月份2.2%的涨幅有所回落。1月至9月，生产者价格指数同比上涨7.4%。

Producer prices in Kazakhstan rose by 6.5% year-on-year in September 2025, slowing slightly from 6.7% in the previous month. On a monthly basis, producer prices edged up 0.2%, easing from the 2.2% rise in August. For the January–September period, producer prices were up 7.4% compared with the same period a year earlier.

由于需求强劲和货币宽松，通胀压力加剧，哈萨克斯坦国家银行于2025年10月10日将基准利率上调至18%。所有关键指标的通货膨胀率都有所上升，9月份的年通货膨胀率从8月份的12.2%加速至12.9%，超过了预期，因为食品和服务价格因生产和进口成本上涨而飙升。非食品类通胀也升至10.8%，反映出燃料价格持续放开，而通胀预期攀升至12%，表明不确定性挥之不去。强劲的国内需求、财政扩张和信贷快速增长进一步紧张了供应能力，税收和关税改革带来了额外的促通胀风险。在建筑、贸易和工业的推动下，1月至8月国内生产总值增长加速至6.5%，央行选择采取果断的紧缩措施来稳定预期并保护坚戈资产。下一个利率决定将于11月28日公布。

The National Bank of Kazakhstan raised its benchmark interest rate to 18% on October 10, 2025, as inflation pressures intensified amid robust demand and loose monetary conditions. Inflation has increased across all key metrics, with annual inflation accelerating to 12.9% in September from 12.2% in August, exceeding forecasts as food and service prices surged on higher production and import costs. Non-food inflation also rose to 10.8%, reflecting continued fuel price liberalization, while inflation expectations climbed to 12%, signaling lingering uncertainty. Strong domestic demand, fiscal expansion, and rapid credit growth further strained supply capacity, with additional pro-inflationary risks from tax and tariff reforms. With GDP growth accelerating to 6.5% in January–August, driven by construction, trade, and industry, the central bank opted for a decisive tightening step to stabilize expectations and preserve tenge assets. The next rate decision is due November 28.

哈萨克斯坦的年通货膨胀率在2025年9月加速至12.9%，为2023年8月以来的最高水平，高于上个月的12.2%。食品和非酒精饮料（8月份为12.8%对11.8%）、服装和鞋类（10.8%对10.6%）、运输（11.3%对9.3%）、家具和家用设备（6.6%对5.8%）、健康（17.0%对16.4%）、娱乐和文化（16.9%对13.4%）、酒精饮料、烟草（11.6%对11.0%）、餐馆和酒店（14.0%对13.2%）以及杂项商品和服务（12.0%对11.4%）的价格增长更快，推动了这一加速。相比之下，住房和公用事业（17.4%对17.7%）以及教育（8.1%对8.3%）的价格增长有所放缓。按月计算，9月份消费者价格指数上涨1.1%，略高于8月份的1.0%，创下四个月来的最高月度涨幅。

The annual inflation rate in Kazakhstan accelerated to 12.9% in September 2025, the highest since August 2023, up from 12.2% in the previous month. The acceleration was driven by faster price growth in food and non-alcoholic beverages (12.8% vs 11.8% in August), clothing and footwear (10.8% vs 10.6%), transport (11.3% vs 9.3%), furnishings and household equipment (6.6% vs 5.8%), health (17.0% vs 16.4%), recreation and culture (16.9% vs 13.4%), alcoholic beverages, tobacco (11.6% vs 11.0%), restaurants and hotels (14.0% vs 13.2%), and miscellaneous goods and services (12.0% vs 11.4%). In contrast, price growth moderated in housing and utilities (17.4% vs 17.7%) and education (8.1% vs 8.3%). On a monthly basis, consumer prices rose 1.1% in September, slightly above 1.0% in August, marking the highest monthly increase in four months.