Kazakhstan's November services PMI shows first contraction in eight months

Kazakhstan's November services PMI shows first contraction in eight months
*RED LINE = Tengri Partners Kazakhstan Manufacturing PMI Output Index / Tengri Partners, S&P Global PMI
By bne IntelliNews December 6, 2023

Kazakhstan’s services sector recorded its first contraction in November following eight months of expansion, according to the business activity reading of the Tengri Partners purchasing managers' index (PMI) for the month.

The reading showed a PMI score of 49.2 in November, down from 51.1 registered in October. Any reading below 50 indicates a contraction.

Anuar Ushbayev, managing partner and chief investment officer at Tengri Partners, said: "The Kazakh services sector saw demand trends weaken midway through the final quarter. As a result, firms recorded a fresh contraction in new business, which fed through to a decline in services activity. That said, in both the cases, the rates of contraction were modest overall. In part reflective of the renewed falls in activity and new orders, job shedding became more prominent during November as firms cut their staffing levels at the strongest pace since February.”

“Despite the lapse in demand, firms retained their positive attitude regarding the 12-month outlook for activity, which remained historically elevated and strengthened in November. Moreover, inflationary pressures continued to retreat," he added. 

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