哈萨克斯坦股票指数 (KASE) 加自选

哈萨克斯坦的年通货膨胀率在2025年4月升至10.7%，为18个月以来的最高水平，高于上个月的10%。主要的上涨压力来自食品价格上涨（8.5%对3月份的7.6%）和付费服务价格上涨（15.7%对14.3%），这部分被非食品产品通胀放缓（8.9%对9.1%）所抵消。按月计算，消费者价格指数上涨1.2%，较上月1.3%的涨幅有所放缓。

The annual inflation rate in Kazakhstan rose to 10.7% in April 2025, the highest in 18 months, up from 10% in the previous month. The main upward pressure came from price increases in food products (8.5% vs 7.6% in March) and paid services (15.7% vs 14.3%), which was partially offset by a slowdown in non-food product inflation (8.9% vs 9.1%). On a monthly basis, consumer prices rose by 1.2%, marking a slowdown from the 1.3% increase in the previous month.

初步估计显示，哈萨克斯坦的经常账户在2025年第一季度录得盈余，达到6.7亿美元，而去年同期为赤字5亿美元。这标志着自2022年第三季度以来最大的经常账户盈余，贸易顺差从一年前的57.5亿美元扩大到60.9亿美元。与此同时，初级收入赤字从55.9亿美元小幅收窄至51亿美元。与此同时，服务短缺从1.4亿美元小幅上升至1.6亿美元，而二级收入赤字从6亿美元上升至1.5亿美元。

Kazakhstan’s current account recorded a surplus to USD 0.67 billion in the first quarter of 2025, shifting from a USD 0.05 billion deficit in the corresponding period of the previous year, preliminary estimates showed. This marked the largest current account surplus since Q3 of 2022, as the trade surplus widened to USD 6.09 billion from USD 5.75 billion a year earlier. At the same time, the primary income deficit narrowed slightly to USD 5.10 billion from USD 5.59 billion. Meanwhile, the services shortfall rose slightly to USD 0.16 billion from USD 0.14 billion while the secondary income deficit increased to USD 0.15 billion from USD 0.06 billion.

2025年3月，哈萨克斯坦的工业生产同比增长8.5%，低于上个月的9.4%。制造业的产出有所下降（2月份为8.2%对14.1%），而电力、天然气、蒸汽、热水和空调供应（-2.2%对-5.5%）以及供水、废物收集、处理和处置、消除污染活动（-4.8%对-7.9%）的产出下降速度较慢。另一方面，采矿和采石业的产出加快（10.2%对6.9%）。按月计算，工业活动从上个月的10.5%放缓至2025年3月的6.8%。

Industrial production in Kazakhstan increased by 8.5% year-on-year in March 2025, slowing from a 9.4% gain in the previous month. Output eased for manufacturing (8.2% vs 14.1% in February), while it declined at a softer pace for electricity, gas, steam, hot water and air-conditioning supply (-2.2% vs -5.5%) and water supply, collection, treatment and disposal of waste, activities of the elimination of pollution (-4.8% vs -7.9%). On the other hand, output accelerated for mining and quarrying (10.2% vs 6.9%). On a monthly basis, industrial activity slowed to 6.8% in March 2025 from 10.5% in the preceding month.

哈萨克斯坦国家银行在2025年4月11日的会议上将基准利率保持在16.5%不变，将借贷成本维持在2023年9月以来的最高水平。这一决定是在通货膨胀率居高不下之际做出的，主要原因是服务业价格上涨、食品成本上升和受监管的关税。3月份，整体通胀率加速至10%，保持在央行2025年10-12%的预测范围内。价格上涨受到第一季度关税上调、国内消费强劲以及全球食品价格高企和俄罗斯两位数通货膨胀等外部压力的显著影响。与此同时，短期经济指标显示，2025年第一季度GDP同比增长5.8%，这得益于运输、建筑、制造、采矿和贸易部门的强劲活动，基础设施项目和消费贷款支持了国内需求。下一次政策会议定于2025年6月5日举行。

The National Bank of Kazakhstan kept its benchmark interest rate unchanged at 16.5% during its April 11, 2025 meeting, maintaining borrowing costs at their highest level since September 2023. The decision comes as inflation remains elevated, driven mainly by rising prices in the services sector and higher costs for food and regulated tariffs. Headline inflation accelerated to 10% in March, staying within the central bank's forecast range of 10–12% for 2025. Price increases were significantly influenced by tariff hikes in Q1, strong domestic consumption, and external pressures such as high global food prices and double-digit inflation in Russia. Meanwhile, the short-term economic indicator showed year-on-year GDP growth of 5.8% in Q1 2025, driven by strong activity in transport, construction, manufacturing, mining, and trade sectors, with infrastructure projects and consumer lending supporting domestic demand. The next policy meeting is scheduled for June 5, 2025.