The latest Freedom Holding Corp. PMI indicated a renewed decline in service sector activity across Kazakhstan midway through the first quarter of 2026. Companies attributed the drop in new orders to January’s value-added tax (VAT) increase, which led to further sharp rises in both input costs and output prices in February. In response, firms reduced staffing levels, reversing the marginal job gains recorded in the opening month of the year.
The headline Freedom Holding Corp. PMI Business Activity Index fell below the neutral 50.0 mark midway through the first quarter. A reading of 48.0, down from 50.5 in January, signaled...