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Eurasian Economic Union Industrial Production Up 6.6%

Despite Western sanctions on Russia and the threat of sanctions being levied upon several Central Asian countries, industrial production in the Eurasian Economic Union (EAEU) increased by 6.6% in January-February of this year, the press service of the Eurasian Economic Commission (EEC) reported on Tuesday. The ECC is the management board of the EAEU.

Industrial production growth was seen in all member states: Armenia by 28.9%, Belarus by 7.1%, Kazakhstan by 4.6%, Kyrgyzstan by 7.8%, and Russia by 6.6%.

The EAEU fits the geographic space between Eastern Europe and Western China. Goods transit and supply chain growth has been significant over the past two years as Russia turned east, away from Europe for its imports and exports.    

“The volume of production in the mining industry and quarrying in the EAEU increased by 1.5%, manufacturing industry by 10.4%, electricity supply, gas, steam and air conditioning by 5.7%, water supply, sewerage system, control collection and distribution of waste by 4.6%,” the report says.

In contrast, manufacturing PMI In the Euro Area decreased to 46.10 points in March from 46.50 points in February of 2024. This indicates, that at present, the Central Asian and Russian economies are performing better than the European Union. Russia’s PMI for March was 55.7.

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