The Freedom Holding Corp. Kazakhstan Manufacturing PMI® (Purchasing Managers’ Index™) posted 49.2 in September, up from 47.9 in August but still below the 50.0 no-change mark. The latest reading signaled a slight deterioration in business conditions, extending the current sequence of decline to four months.
According to Erlan Abdikarimov, head of the Financial Analysis Department at Freedom Finance Global PLC (a 100% subsidiary of Freedom Holding Corp.), September showed mixed dynamics in Kazakhstan’s manufacturing sector.
«While new orders returned to growth, output declined at a faster pace. The situation was driven by depleted inventories, weak procurement amid logistics constraints, workforce reductions, and exchange rate pressures. Inflation is easing, but it still limits pricing strategies and the financial capacity of enterprises. Amid rising demand, year-ahead expectations improved compared to the previous month,» he said.
Central to the latest deterioration in the sector’s health was a marked and accelerated decline in manufacturing production. Output decreased for the fourth consecutive month, marking the largest drop since the end of 2023. Panelists mentioned delays caused by machinery upgrades and the recent weakness in demand.
Falls in employment and purchasing activity were also recorded in September. Staffing levels were down for the fourth consecutive month amid reports of resignations, while input buying decreased at the fastest pace in three and a half years.
In August, the index fell to 47.9 from 49.9 in July, marking the third consecutive month below the 50.0 no-change threshold.
