Kazakhstan reports a significant increase in small and medium-sized businesses

Published October 28, 2022 21:33

The Ministry of Economy says that the number of such companies increased by 75% over the past nine years

According to National Economy Minister Alibek Kuantyrov, the number of small and medium-sized companies in Kazakhstan increased by 75% over the period from 2012 to 2021, reaching 1.4 million entities.

He also said that the sector gives jobs to 3.5 million people. This is a 45% increase compared to the same rate in 2012.

«Over the period from 2012 to 2021 small and medium-sized businesses showed positive dynamic in growth. The sector now accounts for 33.5% of the national GDP,» he said.

The official pointed out that over the past nine years the country beefed up its production output fivefold ($90.8 billion).

This year the Bureau of National Statistics reported a 13.3% increase in small and mid-sized businesses over the first six months. As of July 1, there were about 1.5 million such businesses in the country.