The latest PMI survey data from Tengri Partners and S&P Global shows the Kazakh manufacturing sector experiencing growing momentum as the second half of the year began. 

The July survey gives an insight into accelerated rates of expansion in both output and new orders. Furthermore, during the month, manufacturers increased their workforces at the fastest pace in almost four-and-a-half years, driven by positive sentiment.

Efforts to attract new business were supported by selling price reductions for the second consecutive month, which were linked to the least pronounced rise in input costs since data collection began for the survey.

The Kazakhstan Manufacturing PMI, a composite single-figure measure of manufacturing performance, rose to 52.7 in July from 52.0 in June. This meant the sector improved for a sixth successive month. The data showed the most significant strengthening of business conditions in a year. A reading above 50.0 suggests an overall improvement in the sector's health.

Anuar Ushbayev, managing partner and chief investment officer at Tengri Partners said: "The Kazakh manufacturing sector moved up a gear at the start of the second half of the year. A relatively benign inflationary environment helped firms to secure greater inflows of new orders and thus extended the current run of expanding output.”

"Firms were also bullish for the future, and accordingly raised their staffing levels to the greatest extent since the survey began in early-2019. Firms will be hoping that conditions in July are a sign of things to come for the rest of the year," he added.