Russia shows 7th GDP growth rate among CIS members

Russia shows 7th GDP growth rate among CIS members

According to the latest data released today by the Interstate Statistics Committee of the CIS, Russia ranks 7th among CIS members in GDP (Gross Domestic Product) growth in the first half of 2004. The Russian economy has expanded by a 7.9% annual rate over the first six months of the year. In the CIS, Ukraine showed the largest growth in GDP with a 12.7% increase, while Tajikistan ranked second with 11.1% growth in GDP. In third place was Azerbaijan with a 10.6% rise in GDP. Belarus, Georgia and Kyrgyzstan were at number 4, 5 and 6 respectively, all in front of Russia at seventh place. The economic growth rate among the CIS countries as a whole averaged 9% in the first half of 2004. Also, the inflation rate among CIS members averaged 10% in the first half, with Belarus showing the highest inflation rate of 20.8% and Kyrgyzstan showing the lowest inflation rate of 4.1%.