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

In August 2025, business activity slowed down and made 51.1 (51.5 in July). The indicator has remained in the positive area since March 2024.

In production, business activity demonstrated a significant improvement, the index rose to 53.8 (from 51.9 in July). In service and trade, activity slowed down slightly, but the indicators also remain in the positive area and made 51.4 and 51.3, respectively (52.3 and 52.9 in July). In construction and mining, the situation remained almost unchanged – 47.9 and 48.2, respectively (47.5 and 48.4 in July).

Business Climate Index (BCI) rose insignificantly in August 2025, reaching 11.9 due to an improved assessment of the current business conditions. Along with that, there was a slight decrease in optimism regarding future conditions. Overall, the indicator is assessed positively. The "business cycle clock" indicator remains in the growth area.

According to estimates of enterprises, demand for their products/services rose. The highest demand was reported in production.

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