Armenia leads EEU countries on level of economic growth – official EEC data

YEREVAN, NOVEMBER 30, ARMENPRESS. According to statistical data published by the Eurasian Economic Commission, Eurasian Economic Union (EEU) countries had a 1,9% GDP growth in 2018 January-June against the same period of 2017. Moreover, the highest GDP growth indicator in the reporting period was recorded in Armenia – 8,3%.

Industrial output grew 3,3 in the EEU, with 62,7% growth in reprocessed industry and 27,9% in mining. And again, the highest growth in industrial output was recorded in Armenia – 9,6%, despite the fact that a 12,7% decline was recorded in mining.

In agriculture, however, Armenia had a 4,6% decline. The sector declined also in Belarus and Russia, 2,3% and 3,3% respectively. In Kazakhstan and Kyrgyzstan the indicator grew 2% and 4% respectively. At the same time, Armenia’s share in the overall agricultural output in the union increased 0,2%, totaling 1,6%.

Construction volumes in January-September remained unchanged, despite growth recorded in all countries, except Russia. In Armenia, construction volumes grew 19,2%.

Cargo shipments grew 3,2% in all EEU countries, and passenger flow grew 5,3%. Unlike the other EEU countries, a 5% decline in passenger flow was recorded in Armenia, which is associated with decreased transportation volumes by automobile vehicles – 10,2%.

Retail trading grew 3,1% in EEU, with the highest indicator recorded in Belarus and Kazakhstan – 9,1% and 7% respectively. In Armenia, the indicator grew 1,6% in the 3rd three-months period.

Exports within the union grew 13,5%, while foreign exports grew 22%. Russia’s share in the foreign trade amounted 84,1% in January-August, 9,8% in Kazakhstan, 4,8% in Belarus, 0,6% in Kyrgyzstan and 0,7% in Armenia. Armenia’s exports grew 10,2%, while imports grew 37,4%. High growth was recorded in foreign exports of textile productions in Armenia, Belarus and Kyrgyzstan – 23,4%, 25,6% and 39,3% respectively.

Armenia leads in growth of exports volumes – 33,1%, which is contributed by growth in exports of vehicles, equipment, textile production.

Edited and translated by Stepan Kocharyan