Belarus’ First Deputy Economy Minister: maximum rate of industrial production growth in recent decade achieved

The maximum rate of industrial production growth over the past 10 years has been achieved in Belarus – as informed by First Deputy Economy Minister Andrei Kartun, sb.by reports with reference to the Economy Ministry

According to Mr. Kartun, the industrial complex generated almost a third of the country's GDP and about 80 percent of exports in 2023. In addition, a record pace of industrial production has been achieved over the past decade: 107.7 percent against the 2022 figures.

“Last year, a growth was registered at the enterprises of the Industry Ministry, Bellegprom, Belneftekhim, Belgospishcheprom and the Ministry of Agriculture and Food. The maximum output volumes over the past 5 years were achieved for passenger cars, trucks, dump trucks, buses, washing machines, microwaves, and TV sets. There was also a positive trend in terms of qualitative indicators of development. A fairly high level of return on sales was registered: 8.8 percent. Revenue from sales increased by 10.8 percent, and exports of goods reached a record level over the past eleven years: $40bn+. The nominal average monthly salary in the industry exceeded the national level by 9 percent. This year, the Belarusian industry is also showing steady growth," Mr. Kartun said.

In his report at a session of the Republican Association of Industrial Enterprises (BelAPP), the First Deputy Economy Minister also informed on the results of work over the implementation of investment and integration projects, the development of import substitution and industrial co-operation. He also recalled the tasks for 2024, “We should ensure the saturation of the domestic market with our own Belarusian goods, increase supplies to foreign markets and achieve a growth rate of gross value added of at least 103.7 percent. This will be implemented by reloading production facilities, implementing import substitution measures and production of new goods.”