Almaty’s Economy Soars to Record $56 Billion in Decade

ASTANA – In 2023, Almaty’s Gross Regional Product (GRP) increased by 10.1% to 24.8 trillion tenge (US$56 billion), a record-breaking figure in a decade, the city administration’s press service reported on May 2.

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The economic growth was driven by a 17.5% increase in the manufacturing industry, 14.5% – in trade, 12.0% – in financial and insurance activities, 11.3% – in information and communications, 6.9% – in real estate transactions, and 5.7% – in transport and warehousing.

Heightened investment and business activities amplified the development of the city’s economy. Last year, Almaty attracted 1.8 trillion tenge ($4 billion) of investment in fixed capital, with an increase of 25.3%, while private investment soared by 35.5%.

In 2023, small and medium-sized businesses generated products worth 19.3 trillion tenge ($43.5 billion), a real increase of 15.8%. The number of actively operating business entities reached 340,100, 16.2% more than in 2022.

The dynamic economic development reduced the unemployment rate from 5.0% in 2022 to 4.8% in 2023. Overall, Almaty’s contribution to Kazakhstan’s GDP increased to 20.6%.

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