Almaty’s Economy Surges to Record $56 Billion Over the Decade
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.
The city's economic expansion was fueled by notable increases across various sectors: manufacturing saw a 17.5% surge, trade grew by 14.5%, financial and insurance activities rose by 12.0%, information and communications advanced by 11.3%, real estate transactions increased by 6.9%, and transport and warehousing saw a 5.7% uptick.
This growth was propelled by heightened investment and business activities, with Almaty attracting 1.8 trillion tenge ($4 billion) of investment in fixed capital last year, marking a 25.3% increase, while private investment surged by 35.5%.
In 2023, small and medium-sized businesses contributed significantly, generating products worth 19.3 trillion tenge ($43.5 billion), marking a real increase of 15.8%. The number of actively operating business entities reached 340,100, reflecting a 16.2% increase from 2022.
This dynamic economic growth also led to a decrease in the unemployment rate, dropping from 5.0% in 2022 to 4.8% in 2023. Overall, Almaty’s contribution to Kazakhstan’s GDP rose to 20.6%.(Source:astanatimes)
