According to the Geostat preliminary data of, in May 2019, real GDP growth was 4.7% in comparison with the previous year and the average real growth in the first five months of 2019 was 4.9%.
In May, high economic growth was observed in Armenia, where GDP growth was 7.3%.
At the same time, GDP annual growth rate was less than 2.2% in Kazakhstan. According to G&T, the economic growth in Russia decreased by 0.3% in May.
In the first five months of the year, the neighboring Azerbaijan economy grew by 2.2% and Belarus by 1%.
As for Turkey, since the beginning of the year, the recession is fixed. The World Bank predicts a 1.6% economic growth in the European and Central Asian region in 2019, which is the lowest in the last 4 years. Turkey is named as the main reason of reduction of economic growth. Another reason is the reduction of trade in the region. According to the bank’s forecast, the global economic growth will be 2.6% in 2019, which is “below the expectations”.
As for the inflation rate in the region, high inflation (annual) – 4.3%, was observed in Georgia in June. Inflation rate in Russia was 4.7%, 5.7% – in Belarus, 9% – in Ukraine and 15.7% in Turkey.