Kazakhstan sustained manufacturing growth in October, PMI data shows

Kazakhstan sustained manufacturing growth in October, PMI data shows

/ Freedom Holding Corp. S&P Global PMI

By bne IntelliNews November 5, 2024

Kazakhstan saw sustained growth in the manufacturing sector in October, according to the monthly Kazakhstan Manufacturing Purchasing Managers' Index (PMI), produced by a partnership of S&P Global and Freedom Holding.

The PMI was recorded at 51.7, above the 50.0 no-change mark, but down from September’s 52.3.

“Output and new orders both increased amid demand improvements, although there were some signs of rates of growth softening. Firms responded to higher output requirements by increasing purchasing and employment, the latter at a faster pace than in September,” the accompanying statement to the PMI data said.

Yerlan Abdikarimov, director of the financial analysis department at Freedom Finance Global, said: "Kazakhstan's manufacturing industry is showing stability, with growth potential remaining in the coming months. Demand, albeit at a slower pace, continues to grow: production and new orders have been in the optimistic zone for eight months in a row. At the same time, October was marked by both one of the strongest slowdowns in production growth this year and a sharp increase in the number of new jobs.

"We associate the latter with improved short-term expectations amid the signing of new contracts. Among the restraining factors is the extension of delivery times. The weakening of inflationary pressures, although generally a positive factor, nevertheless limits the growth of sales prices and slows down the growth of revenue."

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