Eurasian Economic Union, annual results

Jan 20, 2017 10:10 am

Minister for the Development of Integration and Macroeconomics of the EEU Tatiana Valovaya speaks on GDP, inflation and trade in 2016

Over the last year, the GDP of the Eurasian Economic Union (EEU) remained negative showing -0.3%. The decrease is largely due to the slow down in Belarus and Russia, concludes Minister for the Development of Integration and Macroeconomics of the EEU Tatiana Valovaya.

According to her, however, there are several economic sectors that showed positive growth, including agricultural and industrial production, up 3.2% and 0.2% respectively. “That’s a good result compared with sharp drop back in 2015,” she said at a press conference at MPC Sputnik.

Speaking on annual results, Valovaya highlighted the mutual trade decline moderation in the EEU (down 10.8% compared with down 30.4% in 2015), with some countries even increasing trade volumes. In particular, Armenia has boosted supplies to Belarus (by 2.3 times) and Kyrgyzstan (bu 3.4 times).

Last year also showed significant reduction in inflation, according to Valovaya. “In Dec. 2016 inflation stood at 6%, which is twice lower than in 2015. That’s what I call the key of the sustainable future growth,” she said.

Source URL: http://eurasiatx.com/eurasian-economic-union-annual-results/