Almaty reports record-high economic growth

Small and medium-sized businesses account for 90% of the city’s employment / Collage by Kursiv.media, photo editor: Aruzhan Makhsotova

In 2023, the gross regional product in Almaty grew by 10%, reaching $56.1 billion, a record-high number over the past ten years, according to the city’s administration. As a result, the city’s share in the national GDP has risen to 20.6%.

The rapid economic development of Almaty has let the city downgrade the unemployment rate from 5% in 2022 to 4.8% in 2023. Small and medium-sized businesses provide jobs to 949,000 people (90%). In 2023, these businesses issued products worth $47.3 billion, which is a 15.8% increase over 2022.

Last year, the number of active businesses reached 340,000 (+16.2%). Since the beginning of 2024, this figure has grown by an additional 3.4%, reaching 348,900. Overall, business activity in Almaty in the first quarter rose to 53.3%.

The key drivers of the city’s economy:

Processing industry (+17.5%);

Trade (+14.5%);

Financial and insurance activities (+12%);

Information and communication (+11.3%);

Real estate transactions (+6.9%);

Transport and warehousing (+5.7%).

Companies located in Almaty increased their capital investments by 25% to $4 billion last year.

Earlier this year, Mayor of Almaty Yerbolat Dossyaev said that the city would limit the construction of new housing by 20% from 2.5 million square meters to 2 million square meters. The authorities hope the move will help them increase seismic safety in Almaty, prevent point development and improve the overall ecological situation in the city.