Kazakhstan's service sector loses momentum

The service sector in Kazakhstan lost considerable momentum in February. New orders fell particularly sharply - more sharply than at any time in almost four years. This is shown by the latest Purchasing Managers' Index (PMI) from Freedom Holding and S&P Global. The index for business activity fell to 48.0 points in February, down from 50.5 points in January. It thus slipped below the growth threshold of 50 points. The value signals a slight decline in business activity and marks the sharpest deterioration since February 2023. Activity contracted in four of the last five months of the survey. New orders also fell significantly. Many companies reported weaker demand. At the same time, costs continued to rise. As an important burden