Russia ranked 6th in GDP growth in CIS

The Russian Journal
August 10, 2005 Posted: 16:57 Moscow time (12:57 GMT)

MOSCOW – Russia ranks sixth on its GDP growth (value of goods and
services produced in key industries) of 5.1 percent in the
Commonwealth of Independent States (CIS) in the first half of 2005,
the Interstate Statistical Committee of the CIS has reported. As of
the end of 2004, Russia shared ninth position with Kyrgyzstan in the
GDP growth rating.

According to the committee’s report, in the given period, the highest
GDP growth rates in the CIS were reported from Azerbaijan (16.5
percent) and Armenia (10.2 percent). Belarus posted 8.9-percent
growth, followed by Tajikistan (8.1 percent), Georgia (6.8 percent),
Ukraine (4 percent), and Kyrgyzstan (2.4 percent). No data are
available for the GDP growth in Moldova, Kazakhstan, Turkmenistan and
Uzbekistan. On average, the CIS GDP rose by 5 percent.

In the 1st half-year of 2005, Russia ranked third for its inflation
rate of 13.4 percent in the CIS compared to the 1st half-year of
2004. In the 1st half-year of 2005, the highest inflation rate in the
CIS was registered in Ukraine (14.1 percent), while Armenia boasted
the lowest inflation rate (2.3 percent). In Azerbaijan, inflation
stood at 13.5 percent, in Moldova at 13.3 percent, in Belarus at 11.5
percent, in Georgia at 9.4 percent, in Kazakhstan at 7.3 percent, in
Tajikistan at 7.1 percent, and in Kyrgyzstan at 4.5 percent. The
average CIS inflation rate amounted to 13 percent.

This said, in June 2005, Russia shared first place with Ukraine for
inflation (0.6 percent from May 2005). In Kazakhstan the inflation
rate stood at 0.4 percent, in Tajikistan at 0.3 percent and in Belarus
at 0.2 percent. Meanwhile, most CIS states witnessed deflation in June
2005 compared with May 2005. Thus, Azerbaijan reported a deflation
rate of 1.8 percent, Armenia and Georgia- 1.4 percent, Kyrgyzstan –
0.5 percent, Moldova – 0.8 percent. No data are available for
inflation in Turkmenistan and Uzbekistan.

As for industrial production growth in the CIS countries in the 1st
half-year of 2005 from the same period in 2004, Russia ranks 9th with
a growth rate of 4 percent. The highest industrial production growth
was observed in Azerbaijan (20.1 percent); in Georgia the rate stood
at 12.8 percent, in Belarus â=80` 10.5 percent, in Tajikistan – 8.9
percent, in Kazakhstan – 7 percent, in Armenia – 5.3 percent, in
Ukraine – 5 percent, and in Moldova it amounted to 4.6 percent. In
Kyrgyzstan, on the contrary, industrial production declined by 9.8
percent.

The average CIS industrial production growth totaled 5 percent in the
1st half-year of 2005. The statistical committee’s report points out
that higher growth rates could have been observed in the industry of
Azerbaijan, Belarus, Georgia and Tajikistan during the period under
review.

In June 2005 against May 2005, the average industrial output grew by 7
percent in the CIS (compared with 3 percent in June 2004). In the
given period, industrial output was boosted by 11.5 percent in
Moldova, 8.7 percent in Russia, 6.2 percent in Armenia and 5 percent
in Georgia.

In the 1st half-year of 2005 compared with the 1st half-year of 2004,
Azerbaijan posted the highest growth of industrial producer prices (23
percent). In Tajikistan, producer prices declined by 1.1 percent.
Russia saw a 19.6-percent increase in industrial prices. The average
CIS industrial producer prices advanced by 19 percent in the given
period from the 1st half-year of 2004, when the growth rate stood at
20 percent. No data are available for Turkmenistanand Uzbekistan in
the committee’s report.

From: Emil Lazarian | Ararat NewsPress