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03 March 2021, 12:17

GDP down in all countries of Eurasian Economic Union except Belarus in early 2021

MOSCOW, 3 March (BelTA) - In early 2021 the GDP declined in all countries of the Eurasian Economic Union except Belarus, Iya Malkina, Aide to the Chairman of the Board of the Eurasian Economic Commission (EEC), told the media on 3 March, BelTA has learned.

"Since the end of 2020, we have observed different dynamics of economic activity in our countries," said Iya Malkina. “According to the operational data, in January 2021 GDP decreased in most EAEU countries - Kazakhstan, Kyrgyzstan, Russia. In Belarus, it rose by 1.3%."

The EEC representative recalled that all EAEU countries posted a decline in GDP in 2020. "Gradually, economic activity will pick up. The pace of this process depends on the underlying internal factors," she said. According to the EEC Department of Macroeconomic Policy, business activity will be back on track in Kazakhstan and Russia in the first quarter of 2021, and will stabilize in Belarus and Kyrgyzstan. A further drop in business activity is expected in Armenia."

Iya Malkina noted that consumer prices for goods and services in the EAEU inched up by 0.7% in January 2021 as against December 2020. The increase in prices was mainly driven by prices for food products (particularly potatoes, fresh vegetables and fruits). This trend is common in all states of the Eurasian Economic Union.

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