The Purchasing Managers' Index (PMI) survey data for Kazakhstan's manufacturing sector in January, conducted by Tengri Partners and S&P Global, indicated “notable improvements” at the beginning of 2024, the accompanying statement to the survey said. 

The headline manufacturing PMI for January rose to 50.5 above the 50.0 no-change mark (from 48.6 in December), signalling a sector recovery.

The survey found improvements in output and new orders, bringing them closer to stabilisation levels. Additionally, businesses in the sector expanded their workforce, contributing to positive employment trends. The survey also reported a notable increase in business confidence in January.

“New orders were broadly unchanged in January, after having decreased throughout the final quarter of 2023. While demand remained muted, respondents pointed to some tentative signs of improvement at the start of the year,” the statement said.

It added: “A similar picture was seen with regards to production, which fell for the fourth successive month but only marginally and to the least extent in the current sequence of decline.”

Anuar Ushbayev, managing partner and chief investment officer at Tengri Partners, said: "The turn of the year brought a renewed sense of optimism to the Kazakhstan manufacturing sector and saw some tentative signs of improvement in demand conditions. Encouragingly, firms responded by increasing staffing levels. The near stabilisation of output and new orders in January hopefully paves the way for a return to growth in the months ahead."