BAKU, Azerbaijan, Mar.3
Trend:
The Eurasian Economic Commission (EEC) predicts a recovery tendency in business activity in Kazakhstan and Russia in the first quarter of 2021, Iya Malkina, assistant to the chairman of the Commission's Board, said during a briefing, Trend reports referring to Kazinform.
According to Malkina, in 2020, a decline in GDP was recorded in all countries of the EAEU (Eurasian Economic Union). At the same time, in January 2021, GDP decreased in most of the union's countries (Kazakhstan, Kyrgyzstan, Russia).
“Gradually, economic activity will return to its original levels, the speed of this process depends on the internal factors that come out on top,” she noted. “According to the forecasts of Commission's Macroeconomic Policy Department, in the first quarter of 2021, business activity in Kazakhstan and Russia will recover and is expected to stabilize in Belarus and Kyrgyzstan.”
Touching upon statistical indicators, the EEC’s representative added that in January 2021 consumer prices for goods and services in the EAEU as a whole grew by 0.7 percent compared to December 2020. The rise was mainly due to a significant increase in prices for food products (especially potatoes, fresh vegetables and fruits). This tendency is typical for all CIS countries.
"There is also a positive dynamics. In January 2021, agricultural production in the EAEU increased by 0.9 percent compared to January 2020, and in all states of the union. Milk production increased in all the EAEU countries (by 2.5 percent per the union as a whole), and the greatest growth was recorded in Kazakhstan (by 3.8 percent) and Belarus (by 3.1 percent). Besides, the production of livestock and poultry also increased in Kazakhstan (by 4.7 percent) and Kyrgyzstan (by 1 percent)," Malkina concluded.