ST. PETERSBURG, Dec. 25 (Xinhua) -- The growth of gross domestic product (GDP) of the Commonwealth of Independent States (CIS) members will reach 4.7 percent this year, Russian President Vladimir Putin said Wednesday at an informal CIS summit held in Leningrad Oblast.

"The macroeconomic indicators of our countries have improved significantly. Thus, by the end of 2024, the growth of total GDP of the Commonwealth countries is projected to reach 4.7 percent," Putin said. He described the figure as "higher than the world average."

Russia's trade turnover with other CIS members in January-October increased 10.6 percent and amounted to more than 93 billion U.S. dollars, the president noted, adding that in the 10 months, the industrial production of CIS countries rose 4.3 percent, the volume of cargo transportation went up 7.4 percent, and retail sales added by 7.7 percent.

According to him, cooperation in financial and monetary fields is being strengthened among the CIS members, and independent payment systems and settlement instruments are increasingly being used to facilitate mutual economic transactions. The share of national currencies in the settlements of commercial transactions between the Commonwealth members has exceeded 85 percent.

Russia is chairing the CIS this year. Putin recalled that during Russia's chairmanship period, priority was given to deepening economic cooperation, ensuring free movement of goods and services, eliminating trade barriers and simplifying customs procedures. Enditem

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