Kazakh business activity hits 2026 high, but medium firms lag at 90.2
This digest was compiled by AI from multiple sources — links to the originals are below.
Kazakhstan's Halyk Business Index rose to 103.4 in January-July 2026, its highest level this year, according to Halyk Bank and Halyk Finance. Medium-sized businesses remained deep below the neutral 100 mark at 90.2, even as large and small firms expanded.
Key Facts
- The overall Halyk Business Index reached 103.4 in January-July 2026, up 0.6 points from January-June.
- Medium-sized businesses recorded an index of 90.2, down 0.1 points from the first half of 2026.
- Large businesses posted 107.5 and small businesses 104.8, both above the neutral 100 level.
- The wage fund component reached 112.7, while revenue stood at 102.4 and operating expenses at 103.7.
- Electricity supply led 16 industries with an index of 123.3, while mining lagged at 90.8.
Business Size Disparity
The main divide in Kazakhstan's business activity is between companies of different sizes, not between growing and declining industries. Large businesses recorded an HBI of 107.5 and small businesses 104.8, both above the neutral 100 threshold. Medium-sized businesses scored only 90.2, down 0.1 points from the first half of 2026. HalykAnalytics data shows medium business has been below 100 all year: 88.7 after four months, 87.5 after five, 90.3 after six, and 90.2 after seven.
Index Components
The wage fund component showed the highest value at 112.7, followed by operating expenses at 103.7 and revenue at 102.4. The wage fund index slowed slightly from 113.1 in the first half of 2026. Revenue strengthened from 99.6 after five months to 101.6 after six and 102.4 after seven months. HBI reflects relative changes in transactions compared to the same period last year in current prices, with values above 100 indicating positive dynamics.
Industry Performance
Electricity supply posted the highest HBI among 16 industries at 123.3. Agriculture followed at 114.8, manufacturing at 113.5, transport and warehousing at 111.6, and professional, scientific and technical activities at 110.8. Ten of 16 industries recorded values above 100. Mining was the weakest at 90.8, with trade at 97.5, real estate operations at 97.6, and water supply at 97.7.
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Kazakh business activity hits 2026 high, but medium firms lag at 90.2
