Number of SMEs Reaches Two Million in Kazakhstan

ASTANA – The number of small and medium-sized businesses (SMEs) in Kazakhstan has increased by 23.4% to nearly two million, Minister of National Economy Alibek Kuantyrov said at a government meeting on July 4. 

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The number of people working in SMEs increased by more than 18% to 4.1 million, accounting for around 40% of everyone employed in the economy.

The share of SMEs in the economy grew from 33.3% to 36.5%, while the volume of output by SMEs increased by 28% to over 59 trillion tenge ($132.4 billion).

According to the minister, the main factor in the economy’s sustainable development is entrepreneurship, which is able to adapt to changing market conditions and develop independently.

“Creating a favorable business climate as the basis for macroeconomic stability is one of the government’s top priorities,” he stated.

Despite difficult external conditions, Kazakhstan’s real GDP grew by 3.3% last year, Kuantyrov noted.

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