Almaty's economy booms: record 10.1% growth in 2023 sets new milestone

Akimat of Almaty city shared that in 2023, the gross regional product of the city of Almaty increased by an impressive 10.1%, reaching a record high of 24.8 trillion tenge. This figure was the highest in the last 10 years, reflecting the significant development of the metropolitan economy, Kazinform News Agency correspondent reports.

The dynamic development of the economy was supported by the growth of such industries as manufacturing (+17.5%), trade (+14.5%), financial and insurance activities (+12.0%), information and communications (+11.3%), real estate transactions (+6.9%) and transport and warehousing (+5.7%).

Investment and business activity also played a significant role in the development of the city's economy. In 2023, 1.8 trillion tenge of investment in fixed capital was attracted to Almaty, which is 25.3% more than in the previous year. Private investment increased by 35.5%, highlighting the city's attractive investment environment.

Small and medium-sized enterprises continued to actively contribute to the economy. Last year they produced products worth 19.3 trillion tenge, which means a real increase of 15.8%. The number of active business entities also increased by 16.2%, reaching 340.1 thousand units.

This growth in the city's economy was accompanied by a decrease in the unemployment rate from 5.0% in 2022 to 4.8% in 2023. In general, the contribution of the city of Almaty to the gross domestic product of Kazakhstan also increased significantly and amounted to 20.6%.