The EEC notes a decline in GDP in early 2021 in the EAEU countries, with the exception of Belarus

March 3, Moscow. The Eurasian Economic Commission notes a decline in GDP at the beginning of 2021 in the countries of the Eurasian Economic Union with the exception of Belarus. Iya Malkina, Assistant to the Chairman of the EEC Board, announced this at a briefing today, BelTA has learned.

“Since the end of 2020, we have been observing different dynamics of economic activity in our countries,” said Iya Malkina. “According to operational data, in January 2021, in most EAEU countries - Kazakhstan, Kyrgyzstan, RUSSIA - GDP decreased. In Belarus, it increased by 1, 3%".

The EEC representative recalled that at the end of 2020, a decline in GDP was observed in all EAEU countries. “Economic activity will gradually return to its original levels, the speed of this process depends on internal factors that come out on top,” she believes. “According to the Commission’s Macroeconomic Policy Department, in the first quarter of 2021, a recovery in business activity will be observed in Kazakhstan and Russia, it is expected to stabilize in Belarus and Kyrgyzstan. A further drop in business activity is expected in Armenia."

Iya Malkina noted that in January 2021, compared to December 2020, consumer prices for goods and services in the EAEU as a whole increased by 0.7%. The increase in prices was mainly due to a significant increase in food products (in particular, potatoes, fresh vegetables and fruits). This trend is typical for all states of the union.

“There is also a positive trend,” the assistant to the Chairman of the EEC Board stated. “In January 2021, agricultural production in the EAEU increased by 0.9% compared to January 2020, and in all states of the union. MILK production increased in all countries, the largest growth noted in Kazakhstan - by 3.8% and Belarus - by 3.1%. The production of livestock and poultry increased in Kazakhstan (by 4.7%) and Kyrgyzstan (by 1%)."