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21 October 2020, 18:43

EAEU comments on COVID-19 pandemic impact on economy

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MOSCOW, 21 October (BelTA) – Aide to the Chairman of the Board of the Eurasian Economic Commission (EEC) Iya Malkina spoke about the preliminary estimates of the impact of the COVID-19 pandemic on the economy of the Eurasian Economic Union at a press briefing on 21 October, BelTA has learned.

According to Iya Malkina, the EAEU freight transportation has declined. “It totaled 7.8 billion tonnes, or 93.5% [in January-August 2020] as against the same period of last year. Passenger transportation almost halved and came at 57.3% as against the same period of 2019 (13.6 billion people). Armenia suffered the most with over 40%, and Belarus – the least with 82.7%,” she added.

Industrial output went down by 4.5% in Russia and by 2.2% in Belarus. However, the EAEU managed to sustain the growth in agricultural output that rose by 4.5%.

“According to the overall indicators calculated by the EEC, our economies have passed their points of the slowest business activity,” Iya Malkina said. “However, it will take a while to recover due to unfavorable conditions and the deteriorating epidemiological situation. Negative trends in trade within the EAEU and with third countries still remain in force,” she added.

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