Kazakhstan: Services PMI returns to expansionary territory in March
The S&P Global Kazakhstan Services Purchasing Managers’ Index (PMI) rose to 51.0 in March from 48.5 in February. As a result, the index moved above the 50.0 no-change threshold and signaled an improvement in services sector operating conditions compared to the previous month.
March’s upturn chiefly reflected a rebound in new business inflows and output driven by improving underlying demand trends. That said, employment declined for the second consecutive month.
Turning to prices, input cost inflation rose to its highest level since October 2022, with rising labor costs and material prices contributing significantly. Still, the increase in output charges moderated for the second consecutive month, indicating a limited pass-through of increased costs to clients. Lastly, services business were optimistic about the year-ahead outlook for activity; for the first time in the history of the series—which began in March 2019—none of the respondents were downbeat.