St. Petersburg, Dec 26 (IANS): The growth of gross domestic product (GDP) of the Commonwealth of Independent States (CIS) members will reach 4.7 per cent this year, Russian President Vladimir Putin said 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 per cent," Putin said Wednesday. He described the figure as "higher than the world average."

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

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 per cent.

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.

"Russia's main efforts as the CIS chair were aimed at developing integration in the Eurasian space and strengthening the international authority of the Commonwealth," said Putin.

"Priority was given to deepening economic cooperation, ensuring the free movement of goods and services, eliminating trade barriers, and simplifying customs procedures," the Russian president added.