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by Reuters – In December 2023, Kazakhstan’s service sector witnessed a notable rebound, as evidenced by the Tengri Partners Kazakhstan Services PMI, which climbed to 51.4. This figure represents a significant improvement from the previous month’s 49.2, marking a three-month peak. The boost in the index is largely attributed to an increase in new orders, signaling a resurgence in the sector’s activity. Notably, the pace of growth was quite robust, spurred by enhanced demand.
For the first time in five months, there was a rise in employment numbers, the sharpest increase seen since September 2022. In terms of costs, there was a notable rise in input expenses, driven primarily by escalated prices of raw materials and labor. This uptick in costs reached its highest point in three months, although it still fell below the historical average for the series.
Conversely, the inflation of output costs dipped to its lowest in 28 months, as companies implemented discounts and promotional strategies to stimulate sales in a highly competitive environment. Despite a slight dip in business confidence to a three-month low, the overall outlook remains optimistic. This optimism is fueled by expectations of enhanced demand and the securing of new contracts.
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