In December 2025, business activity in Kazakhstan slightly declined, but the overall picture remained mixed. According to the National Bank, the Business Activity Index stood at 49.9 points - very close to the threshold level, DKNews.kz reports.
This means the economy moved into a neutral zone: no confident growth, but no deep downturn either.
Manufacturing and trade are pulling upward
The most positive signals came from the real sector:
- manufacturing reached 52.2
- trade - 51.2
Indicators above 50 signal expansion, showing that activity in these sectors continues to grow.
Where the slowdown appeared
Other sectors showed weaker dynamics:
- mining - 49.5
- services - 48.9
- construction - 45.4
The biggest drop was observed in construction, which may signal:
- slower launch of new projects
- more cautious developer behavior
- uncertainty around demand and interest rates.
What the index actually means
The National Bank explains:
- above 50 - growth
- below 50 - contraction
And the further the index moves from 50, the faster the change happens.
Business sentiment cooled
The Business Climate Index also declined:
- 5.3 in December
- compared with 9.9 in November
Companies assessed both current conditions and expectations more conservatively. Still, the business cycle indicator remains in the growth zone.
What is happening with demand
Overall demand softened, according to companies. However, manufacturing reported a slight improvement, which may point to a gradual recovery of domestic demand.
