<p>As it known, the economic growth is a predominantly complex process, since it depends on various components of the nations’ economy such as labour, human and physical capital accumulation, income distribution within a nation, legal and political stability, foreign trade, etc.. More precisely, theoretical and empirical literature is always challenging the question that one of the core stone mechanisms of economic growth is the development of "nancial sector. Mainly the expansion of "nancial sector is measured by its depth, scope, stability and e#ciency of "nancial systems that comprises <br /> e!ectively operating markets, "nancial institutions and regulations, and intermediaries. $erefore, the economic growth itself means the increase in the economic capacity of production of nation’s goods and services from one period to another. Moreover, it has been emphasized in many provoking <br /> international papers that high deepening in "nancial area positively e!ects the growth in the economy. In this regard, the proposed work will examine whether this conception is true for the case of selected CIS countries while studying the research question: ‘Does "nancial sector enhancement promote the level of productivity output level: on the example of CIS (Commonwealth of Independent States) countries. In order to postulate the case in CIS <br /> countries the hypothesis of the e!ect of "nancial development on output level in the economy will put forward. Moreover, while using proposed model it will be examined whether "nancial growth has an encouraging in%uence on growth or vice versa. $us, the aim of the research is a crucial concern as it presents a particular guidance whether deepening the "nancial sector is an essential and su#cient circumstance to achieve higher and preferred growth rates in selected countries. Moreover, it helps to gauge the extent to which "nancial sector should be improved to gain higher economic growth in <br /> emerging countries. </p>