DECISION OF COUNCIL OF HEADS OF GOVERNMENT OF COMMONWEALTH OF INDEPENDENT STATES

of November 19, 2010

About the main target macroeconomic indicators of development of economy of the State Parties of the CIS

For the purpose of coordination of actions of the State Parties of the CIS in the field of macroeconomic policy, deepening of economic integration on the principles of equal partnership, counteraction to the crisis phenomena in economy and ensuring its sustainable development, growth in volumes of mutual trade and investments on the basis of comparative analysis and assessment of the current level of the economic development reached by the State Parties of the CIS

The Council of Heads of Government of the Commonwealth of Independent States solved:

1. Perform monitoring of the main macroeconomic indicators characterizing economic and social situation, level and dynamics of economic development, extent of economic integration of the State Parties of the CIS according to the list given in appendix.

2. Recommend to the governments of the State Parties of the CIS to be guided when implementing economic policy by achievement of the following measure values characterizing degree of macroeconomic stability in the region including price stability, stability of public finances and the financial markets:

annual central government budget deficit - no more than 4% of GDP;

public debt (external and internal) - no more than 80% of GDP;

exceeding of the rate of inflation (consumer price index, December by December of previous year) over average value of the rate of inflation (consumer price index, December by December of previous year) for three State Parties of the CIS with the smallest increase in prices - no more than 5 percent points;

exceeding of annual average indicator of weighted average rate on long-term loans to economy over annual average indicator of weighted average rate on long-term loans to economy for three State Parties of the CIS with naimenyny increase in prices - no more than 3 percent points.

3. Determine that values of 2 indicators specified in Item and the list of indicators given in appendix to this Decision can be specified taking into account influence of external and/or internal factors.

4. Ask the governments of the State Parties of the CIS to send annually to Interstate statistical committee of the Commonwealth of Independent States information on the indicators according to appendix and Item 2 of this Decision calculated taking into account international standards.

To interstate statistical committee of the Commonwealth of Independent States on the basis of information which arrived from statistical services of the State Parties of the CIS to perform monitoring of economic and social situation, the level and dynamics of economic development, extent of economic integration of the State Parties of the CIS and the measure values reached by them listed in Item 2 of this Decision. Send the summarized information to Executive committee of the CIS.

5. To executive committee of the CIS annually to provide the specified information to the governments of the State Parties of the CIS.

Appendix

to the Decision of Council of Heads of Government of the Commonwealth of Independent States on the main target macroeconomic indicators of development of economy of the State Parties of the CIS of November 19, 2010

List of the main target macroeconomic indicators of development of economy of the State Parties of the CIS

Assessment of economic and social situation of the State Parties of the CIS is carried out on groups of the macroeconomic indicators (daleepokazatel) characterizing the level and dynamics of their economic development, and also extent of economic integration.

1. Level of economic development of the State Parties of the CIS is estimated on the following indicators:

the gross internal product (GIP) per capita calculated proceeding from the real national currency rate to US dollar, US dollars;

GDP per capita calculated based on parity of purchasing power of national currency and US dollar (*), US dollars;

share of gross accumulating of fixed capital in GDP, %;

the level of unemployment (calculated on methodology of the International Labour Organization) on average in year, % of economically active population or (in the absence of this indicator);

level of the registered unemployment;

relation of total assets of banking sector to GDP, %;

deficit (surplus) of the government budget, % of GDP;

public debt (internal and external), US dollars and % of GDP;

account balance of current transactions, US dollars and % of GDP.

2. Dynamics of economic development of the State Parties of the CIS is estimated on the following indicators:

index of physical amount of GDP, % by last and basic years;

growth rates of investments into fixed capital (in the comparable prices), % to previous year;

index of the real located cash incomes of the population, % to previous year;

consumer price index (year to previous year and December by December of previous year), %;

price index of producers (year to previous year and December by December of previous year), %;

indexes of the real national currency rate to currencies of stranosnovny trading partners: to US dollar and euro, % to previous year.

3. Extent of economic integration of the State Parties of the CIS is estimated on the following indicators:

share of each of the State Parties of the CIS in total exports of the State Party of the CIS, %;

share of each of the State Parties of the CIS in general import of the State Party of the CIS, %;

share of each of the State Parties of the CIS in total foreign trade turnover of the State Party of the CIS, US dollars;

amount of the national investments directed by gosudarstvomuchastnik of the CIS to economy of each of the State Parties of the CIS, including direct investments, US dollars;

the volume of investment, arrived in national economy of the State Party of the CIS from each of the State Parties of the CIS, including direct investments, US dollars.

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