ARKA News Agency, Armenia
Feb 8 2008

CIS statistical report: 13.8% GDP growth recorded in Armenia in 2007

YEREVAN, February 8. /ARKA/. Armenia’s GDP grew 13.8% in 2007,
compared with the previous year, Statistical Committee of
Commonwealth of Independent States reports.

According to CIS statistical report, Armenia is placed second in the
CIS ranking.

The report finds economic situation in Commonwealth member countries
favorable. These countries’ economic growth averaged 9% in 2007. It
says high pace of economic growth was recorded in these countries.

The highest growth was recorded in Azerbaijan and Armenia and the gap
between fastest and slowest economic growth in the CIS countries
diminished.

GDP growth was mainly due to industry sector’s success.

Engineering, wood-processing industries, chemical and food-producing
industries grew in high pace in some CIS countries.

As a result of labor productivity enhancement, GDP grew faster than
the number of people working in economy sector.

High pace of economic growth speeded up nominal salary growth, which
grew faster than inflation. This drove wages up and increase people’s
incomes and savings.

The CIS statistical report says consumer market developed quite
stable in 2007, but in many countries, things in consumer markets
went in due way thanks to importation.

According to the report, Azerbaijani economy grew 25% (the highest
result) and Ukrainian 7.3% (the lowest among CIS countries).

Kyrgyzstan and Belarus follow Azerbaijan and Armenia with 8.2%. After
them comes Russia with 8.1% and Tajikistan with 7.8%.

Georgia showed 12.7%, Kazakhstan 9.7%, Moldova 3.3% and Uzbekistan
9.8% growth in Jan-Sept 2007.

The report contains no data on Turkmenistan.-0—

From: Emil Lazarian | Ararat NewsPress