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The Euro zone was the only area with no GDP growth in the region in 2013

In 2013, gross domestic product (GDP) increased about two per cent both in North America and in the countries of Eastern Europe, the Caucasus and Central Asia (EECCA), as compared to the previous year. Growth remained modest in the EU, while in the Euro zone GDP diminished by close to 0.5 per cent.

After the global economic crisis, the United States and Canada have seen stable GDP growth at 2-3 per cent annual rates. In Europe, some countries are still struggling to return to growth, and in 18 EU countries GDP has not yet reached its pre-crisis level. Poland was the only EU country with a growing GDP throughout the whole period from 2008 to 2013. While the Baltic countries experienced the sharpest decrease, they have been among the fastest growing countries since 2011. The strongest growth within the EU in 2013 was seen in Romania, where production was 3.5 per cent higher than in the previous year. At the other end, GDP diminished nearly 4 per cent in Greece and more than 5 per cent in Cyprus.

Many countries within the EECCA area experienced strong growth in 2013. Kyrgyzstan and Turkmenistan showed an increase of production of more than 10 per cent followed by the Republic of Moldova and Uzbekistan (9 and 8 percent respectively). Yet, the pace of growth in the region slowed down because of the two biggest economies. In the Russian Federation, GDP grew by 1.3 per cent. In Ukraine, production stayed at the level of 2012.