Almaty achieves record economic growth over past decade

The city of Almaty noted a significant increase in its gross regional product in 2023, showing an increase of 10.1% and reaching 24.8 trillion tenge. This was a record figure over the past ten years, El.kz reports with reference to the Almaty akimat.

The main drivers of economic growth were the manufacturing industry with an increase of 17.5%, the trade sector, which grew by 14.5%, financial and insurance activities with an increase of 12.0%, as well as the information and communication sector, which showed an increase of 11.3%. Real estate transactions and the transport and warehousing sector also made a significant contribution, with growth of 6.9 per cent and 5.7 per cent, respectively.

The economic development of the city was accompanied by high investment and business activity. Thus, in 2023, 1.8 trillion tenge of investments in fixed assets were attracted in Almaty, which is 25.3% more compared to the previous year. Private investment also showed a significant increase of 35.5%. Products manufactured by small and medium-sized businesses reached 19.3 trillion tenge, an increase of 15.8%.

Thanks to the dynamic development of the economy, the unemployment rate in the city decreased from 5.0% in 2022 to 4.8% in 2023. Almaty's total contribution to Kazakhstan's gross domestic product increased to 20.6%, confirming the city's status as one of the country's key economic centers.

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