DUSHANBE, December 26, 2013, Asia-Plus – The Eurasian Development Bank (EDB) experts state that despite a 1.6% growth in gross domestic product (GDP) of the CIS nations in the third quarter (Q3) of this year the region shows stronger economic activity.
The CIS Macromonitor
, published by the EDB Research Department on December 25, notes that in Q3 2013, with the improvements in the global economic situation, the CIS region also demonstrated stronger economic position.
The rise in the CIS countries’ aggregate GDP was 1.6% year-on-year. The best performance was shown by retailing, construction and the services sector. The decline in industrial production and investment activities seems to have reached its bottom — now the increase in the physical volumes of the most important exports should foster the recovery of investment and production activities in the region.
The report says that Tajikistan has maintained its economic growth at a level of 7.2% despite a decline in industrial production (by 0.9%).
Low prices and the foreign demand for aluminum and food products caused reductions in outputs in the metallurgical (by 6.4%) and food (by 13.5%) sectors, while the improved prices of cotton in the world markets made it possible to advance the textile production (by 10.6%).
The economic growth is ensured by retailing (25.2%) and the services sectors (16.8%), which are supported by incoming money transfers.
As far as other Central Asia’s counties are concerned, in Q3, economic growth in Kazakhstan, Kyrgyzstan, Turkmenistan, and Uzbekistan reached 6.6, 10.5, 10.6 and 8.3 percent respectively.
Eurasian Development Bank (EDB) is an international financial organization founded by Russia and Kazakhstan in 2006. The members of the Bank are Russia, Kazakhstan, Armenia, Tajikistan and Belarus (2010). Other states or international organizations can become members by joining the Agreement Establishing the EDB. The Bank has authorized capital in exceeds US$1.5 billion, which was formed of contributions by its member states: Russia (US$1billion), Kazakhstan (US$500 million), Armenia (US$100,000), Tajikistan (US$500,000) and Belarus (US$15 million). The authorized capital may be increased by resolution of the Bank’s Council. The Bank has the status of an international organization, and is subject to international law.
