Eurasian Integration Yearbook 2012

Elvira Kurmanalieva, Konstantin Fedorov.“CIS countries: primary macroeconomic indicators”2011: Data and ReviewsCommercial banks revived their lending activities in 2011. The volume of loansissued in roubles increased by more than 25% in Russia, substantially exceedingthe 2010 growth rate of 5.6%. In Kazakhstan, lending in tenge rose by 21.5%.The 2011 credit expansion was characterised by a relatively slow rise in foreigncurrency lending, at least in major CIS economies. In the latter half of 2011,companies increased their investment activity; however, it remained restrainedgiven the private sector’s uncertainty over the risks associated with negativeexternal factors. The share of problem loans in the loan portfolio of the CIScountries’ banking sectors gradually decreased but remained significant.AzerbaijanArmeniaBelarusKazakhstanKyrgyzstanMoldovaRussiaTajikistanUkraine-10 -5 0 5 10Figure 14.5.State budget:consolidated budgetbalance (% of GDP)Source: the CISStatistics Committee,national agencies2009 2010 2011AzerbaijanArmeniaBelarusKazakhstanKyrgyzstanMoldovaRussiaTajikistanUkraine106.50 50 100March 2011 December 2011 March 2012Figure 14.6.Monetary sphere:CPI growth(%, year on year)Source: nationalagenciesIn the second half of 2011 and early 2012, many experts made a downwardrevision of their forecasts for world economic growth. National agencies in theCIS countries also lowered their forecasts. Consensus GDP growth forecastsEurasian Development Bank299