Expansion in Kazakhstan services PMI sustained in May

Expansion in Kazakhstan services PMI sustained in May
/ S&P Global
By bne IntelliNews June 6, 2024

Kazakhstan’s services sector in May recorded a third consecutive monthly rise in business activity, according to an accompanying statement put out with the latest purchasing managers' index (PMI) survey data by S&P Global. 

“Moreover, new business also rose for a third straight month and at a slightly stronger rate. Service providers based in Kazakhstan also recorded a fresh, albeit fractional rise in employment. Workforce numbers rose for the first time since the start of the year, with businesses looking to onboard full-time workers,” the statement said.

Maryam Baluch, an economist at S&P Global Market Intelligence, said: "The Kazakh services sector saw demand trends improve midway through the second quarter. As a result, firms registered a continued and sustained rise in new business, which fed through to a further expansion in services activity. That said, poor weather conditions and financial troubles meant that output rose only fractionally and at a moderated pace. Nonetheless, ongoing gains across the sector allowed some firms to raise their staffing levels. The upturn was only fractional as the vast majority of businesses left their workforce numbers unchanged, however.” 

"Looking ahead, confidence levels remained strong, with firms hopeful of further expansions in activity. However, concerns surrounding finances and budgets in part weighed down overall sentiment. Expectations were subsequently the weakest for a year," she added.

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