Among EAEU countries, Kyrgyzstan and Armenia have significantly higher economic growth

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Analysts at the Eurasian Development Bank (EDB) have determined that there is strong economic growth in the EAEU countries, according to the EDB press service.

The EDB has released the latest edition of its macroeconomic review for the EAEU countries.

'The aggregated GDP of the EDB's operating region increased by 4.6% year-on-year in January–June 2024, following a growth of 3.9% in 2023,' the report says.

In Armenia, GDP growth reached 10.4%, driven by significant growth in industrial production and agriculture, with positive dynamics maintained in most other sectors.

Kazakhstan showed GDP growth of 3%. After the devastating effects of the spring floods, Kazakhstan's economy is recovering, supported by the development of industrial production and the services sector.

In Kyrgyzstan, GDP increased by 8.7%, influenced by high investment activity.

In Russia, GDP grew by 4.7%. The key driver of economic growth is industrial production. However, analysts note signs of slowing economic activity in the Russian economy.

Tajikistan shows GDP growth of 8.2%, with strong domestic demand noted in both consumption and investment.

It is noted that investment activity continues to grow in the EAEU countries. In Armenia, government capital investments are steadily increasing, and residential construction is developing. In Belarus and Russia, government investments in import substitution are showing growth.

In Kazakhstan, the strategy for developing mechanical engineering is being expanded. In Kyrgyzstan, investments are directed towards energy, transport, and extractive industries. Tajikistan is increasing investments in the construction of energy facilities.

The inflation situation in the EAEU countries varies. In Armenia, Kyrgyzstan, and Tajikistan, inflation rates have fallen below target levels. Belarus maintains inflation within the target corridor. In Russia and Kazakhstan, inflation rates exceed target values.

CentralasianLIGHT.org

August 15, 2024.