Comment by Director of NBK Monetary Policy Department Rustem Orazalin about Business Activity in December 2024

In December 2024, business activity slowed down but has remained in the positive area since February 2024, standing at 50.7.

The index declined due to a slowdown in business activity in manufacturing and services, with the index falling to 50.6 and 50.8, respectively, from 53.0 and 51.4 in November. Additionally, the mining industry experienced a decrease to 48.8 from 50.2 in the previous month. In contrast, construction proved to be a growth driver, with the sector's index rising to 52.9 in December from 50.5 in November, supported by growth in new orders and employment levels.

The Business Climate Index (BCI) also recorded a decline in December 2024. Assessments of current business conditions worsened but remained positive. Optimism about future business conditions remained unchanged. The "business cycle clock" indicator continues to stay in the boom zone.

According to enterprises, demand for their products and services has slowed. In December, the growth rate of demand decreased across all sectors except construction. The mining industry reported a slight decline in demand compared to the previous month. Respondents noted a minor positive change in infrastructure; however, other factors, such as business protection, tax burden, and access to financing and credit, were rated negatively.

More details on the National Bank’s website.

Detailed information for the mass media representatives is available upon request:
8 (7172) 77–52–10
e-mail: press@nationalbank.kz
www.nationalbank.kz