Kazakhstan’s business activity: growth continues but at a slower pace

In June 2025, Kazakhstan’s Purchasing Managers’ Index (PMI) remained in positive territory, though it dipped to 50.6 points (down from 51.4 in May). According to the National Bank of Kazakhstan, key economic sectors continue to expand, but growth is slowing due to weaker demand.

Key Trends in June 2025

Growth in Core Sectors:
Manufacturing – 51.7 (vs. 53.5 in May)
Services – 51.2 (vs. 51.1)
Retail Trade – 51.4 (vs. 52.4)
Declines in Construction and Extraction:
Construction – 44.7 (vs. 49.6)
Mining – 48.1 (vs. 48.9)
The Business Confidence Index (BCI) fell to 11.6 points as entrepreneurs grew less optimistic, though it remains in positive territory.

Key Drivers

Weaker Demand – Companies report slower order growth.
Ongoing Investment Projects – Despite the broader slowdown, major projects are advancing:

₸135.5 billion – 11 projects in Almaty’s industrial-innovation zone (2,662 new jobs).
$1.2 billion – Urea plant under construction in Aktobe Region.
$756 million – Steel plant in Zhambyl Region.
$62.6 million – Expansion of POLPHARMA’s pharmaceutical production in Shymkent.

Foreign Investment – Interest persists from China, Malaysia, and Belgium.

Outlook

Kazakhstan’s economy continues to grow, albeit at a moderating pace.
Manufacturing and services remain the primary growth drivers, while construction and mining face headwinds.
Strong investment activity may bolster the economy in late 2025.

How ACSOUR Supports Businesses

Market Analysis – Assessing sector-specific opportunities.
Investment Project Support – Legal and financial advisory.
Tax Optimization – Guidance on fiscal regimes.
Accounting Services – Freeing you to focus on growth.

Need help navigating economic shifts?

Request a consultation—our experts will tailor solutions for your business’s resilience.