EAEU's GDP up 1.8% in H1 2017

MOSCOW. KAZINFORM - The gross domestic product in the Eurasian Economic Union (EAEU) in H1 2017 grew by 1.8% from the same period a year prior, Saadat Asanseitova, Deputy Director of the Integration Development Department of the European Economic Commission (EEC) noted as quoted by the EEC press service, BelTA has learned. 

According to the EEC, the GDP has been growing in each of the EAEU member states, climbing in Armenia by 5.9%, in Belarus by 1%, Kazakhstan - 4.2%, Kyrgyzstan - 6.4%, Russia - 1.5%. Mutual and foreign trade in the EAEU surged by a quarter in January-July 2017.

"The EAEU member states managed to keep the industrial and agricultural production from falling. We gained positive momentum in early 2017. The situation in inflation and unemployment has improved. There is economic recovery underway in the EAEU in 2017. We have managed to prevent a considerable downfall, largely thanks to integration," Saadat Asasneitova added.

Pointing to positive momentum in mutual and foreign trade in the EAEU in January-July 2017, Saadat Asasneitova stated that trade with third countries jumped by 26.2%, or $70.9 billion from the same period a year earlier. Mutual trade in the EAEU grew by 27.8%, or $6.4 billion, and made up $29.6 in January-July 2017. Metallurgy has seen the strongest growth (about 160%).

Mutual trade in cars, equipment, and transport vehicles surged by 38.2%, in mineral products by 22%, in food products and agricultural raw material by 20.8%. The industrial output in the EAEU member states also grew by 2.6% in 2017, Kazinform has learnt from BelTA .