Comment by Director of NBK Monetary Policy Department Rustem Orazalin about Business Activity in April 2025

In April 2025, business activity improved slightly and made 50.5.

Activity was maintained in manufacturing and trade, where the index remained in the positive zone making 52.9 and 51.1 respectively (54.0 and 51.1 in March). In the services sector, the dynamics improved but the indicator remained in the negative zone and stood at 49.9 (in March - 48.9). Along with that, the dynamics worsened in construction, the index fell to 48.7 from 49.7 in March. In the mining industry, the indicator remained virtually unchanged – 48.5 (in March - 48.6). In construction and mining, a shrinking volume of new orders is reported.

Business Climate Index (BCI) rose to 13.6 in April 2025 due to an improvement in assessment of the current business conditions to 4.2. Optimism about future conditions remained as high as in March. As a result, the "business cycle clock" indicator remained in the growth area. According to enterprises, demand for their products/services grew in all sectors. Only the mining industry demonstrated a slowdown in demand growth. The highest demand was reported in manufacturing and trade. Assessments of business conditions factors remained almost unchanged.

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