OREANDA-NEWS. February 05, 2009. According to the results of 2008, presented by CIS Statistical Committee, average GDP in CIS countries has increased by 5% (2007 - 8,5%), industrial production - by 2% (7%), investments into fixed assets - 10% (21%), cargo transportations - 2% (3%), retail trade turnover - 14% (17%).

It is noted that by the end of the last year, the economy of some CIS countries felt the impact of the global financial-credit crisis.

Thus, it was especially seen in the countries with relatively high level of integration into the global economy - Russia, Ukraine and Kazakhstan. The problems resulted in lack of liquidity and credits, increased overdue payments on loans, reduced long-term loans and decreased volume of consumer crediting. In addition, the negative impact on the main sectors of the economy was stipulated by the world prices for oil, metal, grain and reduced external demand for the export of some goods.

At the same time, situation at the currency markets is unstable. Almost in all countries, as compared to the end of 2007, USD exchange rate has grown. In half of CIS countries euro exchange rate has grown and in the rest has fallen. Some countries have made devaluation of the national currency. In order to maintain national financial systems and real economies, the governments of the countries have undertaken anti-crisis measures by granting loans and other forms of public assistance to financial institutions and enterprises and increased public participation in the economy.

According to CIS Statistical Committee, in general, the consumer market of CIS has maintained stability and is developing quite rapidly, but in many countries it is mainly achieved through the import of goods. As compared to 2007, the volume of foreign trade turnover has increased in all countries though export grew more rapidly than import.

The growth of foreign trade was due to the price factor. The mutual trade turnover between CIS countries has continued to increase but its share in the foreign trade was lower than the last year. The growth of nominal wages and other incomes partially compensated the impact of the consumer inflation and real wages and real incomes have increased in almost all CIS countries.

The minimum wages continue to grow though it still significantly lags behind the minimum wage in EU.