According to the National Bank of Kazakhstan, after eight months in the red, the January 2023 business activity index improved to 50.7, up from December 2022‘s 49.4. Services and manufacturing sectors saw the greatest gains, with their respective indices rising to 52.1 and 51.3 (49.7 and 50.7 in December 2022).
The picture was less rosy in the construction and mining industries, with the index in the latter dropping to 45.9 (47.2 in December). The construction index, however, saw a slight improvement to 48.6 (47.3 in December). The business climate index registered an overall improvement, with enterprises reporting that current operating conditions have become favourable, and expectations for the future are markedly improved. As a result, the index increased to 11.9 from December‘s 2.7. The “hours“ indicator of the business cycle also shifted from the rise area to the growth area.