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Eurasian Economic Union joined ranks of world leaders in terms of manufacturing industry growth

Eurasian Economic Union joined ranks of world leaders in terms of manufacturing industry growth

3/25/2020

The industrial production of the Eurasian Economic Union increased by 2.5% in 2019. It increased in all EAEU countries. The Eurasian Economic Commission summarized the industrial activities of the Union States last year.

As Artak Kamalyan, EEC Minister in charge of Industry and Agriculture, noted, high growth rates enabled the Union to join the ranks of world leaders in increasing the output of manufacturing products. In particular, in the fourth quarter of last year the Union’s industry outpaced the growth rate of the global manufacturing industry dynamics (2.6% growth in the EAEU against 0.7% growth in the world), as well as indicators of not only economically developed countries, but also developing countries, except China.

In the regional context, the EAEU is ahead of many countries in Europe, Asia, North and Latin America in terms of industrial production growth, being second only to the world leader – China (5.8% growth) - in the industrial production growth rates.


Armenia (9% growth) and Kyrgyzstan (6.9% growth) are the EAEU leaders in terms of industrial production growth rates. Kazakhstan has increased its industrial production by 3.8%, Russia has increased it by 2.4% and Belarus - by 1%. Along with that, while the pace of industrial production growth has slowed down in Belarus, Kazakhstan and Russia somewhat compared to the previous year, its significant acceleration is observed, on the contrary, in Armenia and Kyrgyzstan.

The increase in industrial production was recorded in a majority of manufacturing industries – in 16 out of 21 industries.

Pharmaceuticals (by 18.3%), manufacture of ready-made metal products (by 8.9%), electro-optical industry (by 7.7%), furniture industry (by 6.4%), manufacture of paper and paper products (by 4.5%), woodworking industry (by 4.4%), construction materials industry (by 4.3%) and food industry (by 4%) show the best growth rates.

In 2019, the EAEU countries continued developing their cooperative ties. The scope of cooperative deliveries increased by 2.5% compared to the previous year.

Outperforming growth rates of cooperative deliveries in terms of value are observed in such sectors as manufacture of other transport equipment (75.7% growth), manufacture of food, beverages and tobacco products (21.1% growth), automobile manufacturing (19.7% growth), pharmaceutical industry (10.9% growth), manufacture of wearing apparel (9.7% growth), manufacture of machinery and equipment (+6.7% growth) and electro-optical industry (4.1% growth).

The EAEU States’ Industry Survey in January-December 2019 is published on the official website of the Eurasian Economic Commission and is available at the link.​