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Russia’s CBR maintains key rate at 16%
2 days ago
Kazakhstan’s services sector recorded a renewed decline in sector activity in January, following the expansion seen in December right after the first contraction seen in many months in November, according to the business activity reading of the Tengri Partners purchasing managers' index (PMI).
The reading showed a PMI score of 49.8 in January, down from 51.4 registered in December. Any reading below 50 indicates a contraction.
Despite the contraction, firms maintained a positive outlook, as confidence levels were seen as “historically strong”, according to Tengri Partners. Businesses continued to commit to new hires and took on additional full-time workers. The rate of job creation stood broadly unchanged from the previous survey period.
"The start of the year revealed a subdued demand environment amid which firms struggled to raise their business activity. Inflationary pressures intensified, with Kazakh service companies increasing their charges at the joint-strongest rate on record (same level as in April 2022). However, in some positive news, firms again raised employment. Moreover, sentiment regarding the 12-month outlook remained historically strong. These data therefore suggest that companies expect the sector to pick up in the months ahead." Anuar Ushbayev, managing partner and chief investment officer at Tengri Partners, said.
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