In May 2026, Kazakhstan’s private sector reported growth in business activity for the second consecutive month. The services sector emerged as the main driver of the economy, with rising orders supporting overall expansion. However, mounting cost pressures prompted companies to make the largest workforce reductions in more than two years.
Service sector: Orders increase despite margin pressure
In May, the Freedom Holding Corp. Purchasing Managers’ Index (PMI) for Kazakhstan’s service sector eased to 52.7 from 53.9 in April but remained above the 50-point mark, which indicates expansion in business activity.
Survey respondents attributed the growth to new client acquisitions...