Kabardino-Balkaria's Economy is Growing with 27 Billion Ruble Investments in 2023

22 February

In 2023, approximately 27 billion rubles were invested in the economy of Kabardino-Balkaria, with a focus on breakthrough projects that facilitated the creation of 800 new jobs. Kazbek Kokov, the head of the region, revealed this information following a meeting with Yuri Chaika, the Plenipotentiary Envoy of the President of Russia in the North Caucasus Federal District.


The meeting in Nalchik centered on reviewing the socio-economic development outcomes of the republic for 2023, as well as the implementation status of national and breakthrough projects. Discussions also encompassed support measures for servicemen engaged in military service and their families. On February 22, the envoy convened a meeting in Nalchik to address security measures during the preparation and conduct of the Russian presidential election scheduled for March 15-17.


Kokov provided insights into the progress of national projects and programs, noting the ongoing development of numerous socially significant facilities such as schools, polyclinics, cultural centers, and sports complexes. He highlighted that the initial projects have commenced operations, with breakthrough initiatives demonstrating continuous momentum. Since their initiation, these projects have attracted investments totaling 26.7 billion rubles, leading to the establishment of over 800 job opportunities.


In terms of economic indicators for 2023, the index of industrial production in KBR reached 103.8%, agricultural output rose by 10.1%, construction activity surged to 105.9%, and services to the population increased by 113.9%. Retail trade turnover in the region soared to 109.4%, while public catering experienced a remarkable growth rate of 129.4%. The average salary for January-November reached 38,510 rubles, representing an increase of 112.9%, while budget expenditures on labor remuneration rose by 8.3%.


Tourism inflows to Kabardino-Balkaria witnessed a notable uptick of 26.3%, with service volumes expanding by nearly 19.3%. Additionally, the number of small and medium-sized enterprises grew by almost 10%. Kokov cited statistical data indicating a robust growth in the republic's own revenues, which reached 110.5% amounting to around 18 billion rubles—an increase of 1.7 billion rubles compared to 2022. The consolidated budget of the republic saw revenues totaling 70 billion rubles, nearly double that of 2018. Tax and non-tax revenues surged to 24.8 billion rubles, with a growth rate of 111.4%, representing a 2.5 billion ruble increase.



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Based on materials from TASS