Abstract
In the context of global turbulence and structural transformations of Kazakhstan’s economy, the stability of the financial base of regions acquires strategic importance. Karaganda region, as a major industrial center, demonstrates significant economic results; however, it remains vulnerable due to sectoral concentration, weak diversification, and infrastructure deterioration. The purpose of the study is to identify the socio-economic determinants influencing the financial stability of the region and to propose a practice-oriented approach to its assessment based on factor analysis. Comparative, structural analysis and economic-mathematical modeling methods were applied. The factor model identified the priority drivers of GRP growth: investments in fixed capital, development of SMEs, employment, and the index of industrial production. The proposed approach can be applied in the development of regional strategies and the optimization of investment policy. The analysis revealed that strengthening investment activity, supporting entrepreneurship, and modernizing the production base are key conditions for the long-term sustainability of the Karaganda region.