Belarus’ First Deputy Prime Minister reported on consumer market stability, and President warned: there should be no calming down
The country's consumer market is stable, the range of products available at shops is wide, and there is no indication of a possible deficit – as reported by the First Deputy Prime Minister, Nikolai Snopkov, during today’s meeting with the President on improving the system of price regulation and control
Speaking of the citizens’ activity, Mr. Snopkov noted that a consumer trend is observed this year – ‘which means that our population mainly spends money on the purchase of goods’. “Belarus’ economic policy is accountable for this, since the wage growth has exceeded 10 percent (this is a figure adjusted for inflation),” he said.
At the same time, the consumer lending has increased 1.5 times, and the real estate lending – by 60 percent. The net sale of foreign currency by the population has reached $400m, and sales have accordingly recovered after falling last year – primarily, of consumer durables: from January-September 2023, 11 precent more new cars were sold, 16 percent more TV sets, 18 percent more bicycles, and 58 percent more clothes. In turn, trade turnover in food products increased by 4.9 percent, and in non-food products – by 11 percent. Such results made it possible to double compensate for the last year’s decrease. Based on the results of the first nine months of 2023, the share of domestic non-food products amounted to almost 42 percent, and of food – to almost 78 percent.
“Moreover, in addition to a high consumer activity, we observe an increase in private deposits, made mainly in Belarusian Roubles: since the beginning of 2023, they have amounted to almost Br2.7bn (a 25 percent rise). We can accordingly conclude that our citizens’ inflation expectations are at a low level, people demonstrate trust in the government (as seen in the banking system, for example) and the national monetary policy. At the same time, the purchasing power of the population is one of the highest in recent years," Mr. Snopkov stated.
In particular, a Belarusian can now buy 60 percent more pork (183kg), 60 percent more poultry meat (319kg), and 1.4 times more milk (almost a tonne) for the average nominal salary than it was possible in 2016.
“Are all these products available at our shops?” Aleksandr Lukashenko asked, and the First Deputy Prime Minister responded, “Of course. The country's consumer market is stable, the range of products available at shops is wide, and there is no indication of a possible deficit.”
“Nevertheless, we should not calm down,” the Head of State demanded.
“A daily control is ensured,” Mr. Snopkov reported.
Meanwhile, the annual inflation stood at 5.4 percent on December 1st, which is almost three times lower than the increase in the consumer price index that was formed in October last year, when decisions were made on price regulation and ensuring a reasonable price level.
