Services activity growth in Kazakhstan showed ongoing expansion in October, according to the business activity reading of the Tengri Partners purchasing managers' index (PMI) for the month.

The reading slightly slowed to 51.1, down from the six-month low of 52.3 registered in September. Any reading above 50 indicates an expansion.

Tengri Partners noted that the recent economic improvement was backed by continual growth in new orders, driven by enhanced demand trends and the acquisition of new clients. However, it's worth noting that the rate of growth in both business activity and new orders decelerated compared to September.

Additionally, there was a reduction in price pressures during the period. Input prices saw the least significant increase in six months, and the rate of inflation in output prices decreased to its lowest point in four months.

Anuar Ushbayev, managing partner and chief investment officer at Tengri Partners, said: "The start of the final quarter signalled sustained growth across Kazakhstan’s service sector. Business activity and new orders grew for the eighth and tenth successive months respectively.”

“Firms noted that improving underlying demand trends supported the latest upturn. That said, the data also revealed a loss of growth momentum, as in both cases the rates of increase softened in October. Moreover, firms also struggled to maintain their staffing levels, with resignations reported widely again. Despite the slight slowdown, firms remained optimistic, with confidence strengthening to a 15-month high," he added.