Putin says CIS GDP growth expected to reach 4.7% by year-end

The aggregate GDP growth of the Commonwealth of Independent States (CIS) is expected to reach 4.7% by the end of the year, which is higher than the global average. This was stated by Russian President Vladimir Putin at the summit of the Commonwealth leaders on December 25.

"At the end of 2024, the growth of aggregate GDP of the commonwealth countries is forecasted at the level of 4.7%, which is higher than the global average. For 10 months, industrial production has already increased by 4.3%, the volume of cargo transportation - by 7.4%, retail trade turnover - by 7.7%," Putin pointed out.

The head of state added that import substitution in the CIS is going on at a good pace, technological sovereignty of the countries is being strengthened. In addition, the Commonwealth states are effectively fighting crime, terrorism and drug trafficking, the Russian leader pointed out.

Putin emphasized that the share of national currencies in commercial settlements between the CIS countries currently exceeds 85%. The president also supported the idea of creating an international association of volunteer and non-profit companies under the CIS.

"It would be possible to support, I think, the proposal to create an international association of volunteer and non-profit organizations under the CIS, to make annual forums of volunteers of our countries, and to introduce separate grants for the most significant volunteer projects through the CIS Fund for Humanitarian Cooperation," he concluded.

The President arrived at the informal summit of CIS leaders earlier on Wednesday. The event is being held at the Igora resort complex in the Leningrad Region.

Kremlin spokesman Dmitry Peskov told reporters earlier in the day that the CIS summit has no program, as it is informal. Peskov also explained to Izvestia the choice of the resort complex as a venue for official events by the head of state's desire to show his colleagues various interesting and unique places in Russia.