Kazakhstan’s services sector in July recorded a continued uptick in business activity, according to an accompanying statement put out with latest purchasing managers' index (PMI) survey data gathered by S&P Global.

The PMI for services in July ticked up to 51.4 from June's 50.2. Anything above 50.0 represents an expansion in the sector.

“The sector benefited from further improvement in underlying demand trends, as new incoming business rose solidly and to the greatest extent in the year to date. Moreover, staffing levels were also left broadly unchanged, after posting a decline in June,” the statement said. “Inflationary pressures remained contained across the Kazakh service sector in July, despite both the rate of input price and output charge inflation gathering pace on the month.”

Maryam Baluch, an economist at S&P Global Market Intelligence, said: "The service sector performed solidly in the opening month of the second half of the year. Activity and new business both rose at stronger rates, as underlying demand conditions further improved. There was an uptick in cost burdens, said to have fed through from an unfavourable exchange rate. Nonetheless, inflationary pressures remained historically muted.”

“With business activity picking up, and inflation not a threat, the latest data suggest that the Kazakh service sector will perform well in the second half of the year. This was also projected by the level of confidence improving, after easing to a 13-month low in June," she added.