1945

Central and Eastern Europe and the Commonwealth of Independent States

GDP in the countries in transition in Central and Eastern Europe and the Commonwealth of Independent States (CIS) grew at 2.4 percent in 1999, following the 0.8 percent contraction in 1998. This more robust GDP growth is largely a consequence of a change from negative to positive growth in the Russian Federation from 1998 to 1999 (from -4.9 to +3.2 percent).110 The Russian Federation accounts for over 40 percent of GDP in the region. The fastest-growing economies in the region in 1999 were Turkmenistan (16 percent), Bosnia and Herzegovina (8.6 percent), Azerbaijan (7.4 percent) and Albania (7.3 percent). A further acceleration of growth is projected for 2000, as GDP growth should reach almost 5 percent, again largely because of the Russian Federation’s strong performance.

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