Kazakhstan PMI Services

Freedom Holding Corp.'s Kazakhstan Services PMI rose to 55.1 in June 2025, up from 54.3 in May, marking the fourth consecutive month of growth and the fastest expansion on record since the survey began in March 2019. The robust growth was driven by the implementation of new projects and business models, which collectively spurred demand and attracted additional customers, despite a slight softening in new business volumes. As a result, employment returned to growth after three consecutive months of decline. On the price front, input cost inflation accelerated to a four-month high, fueled by rising prices for raw materials, rent, and utilities, as well as a weaker exchange rate. Output price inflation also quickened to a four-month high, as firms passed higher costs on to customers. Finally, business sentiment weakened to its lowest level in a year, amid concerns over market competition, foreign trade risks, and potential changes in tax policy.