Belarus' GDP growing at rate higher than global average

The gross domestic product of Belarus is growing at a rate higher than the global average, sb.by reports with reference to the press service of the Economy Ministry

"As previously reported by the National Statistical Committee, the GDP growth rate in January-August amounted to 104.9 percent, which was significantly higher than the forecast and global average. Industry retains the status of a leader (an increase here made 7.1 percent). The output of passenger cars, trucks, buses, wagons, motorcycles, optical devices, and radio navigation equipment has grown significantly,” the source reported.

It is noted that agriculture also demonstrates good results: a growth of 7.2 percent was much owing to grain, vegetables, eggs, meat and milk. Construction occupies a strong position among the growth drivers: 109 percent. Trade and transport are also demonstrating a steady growth.

"Investments in fixed assets are growing significantly ahead of the forecast (7.1 percent in eight months). The share of costs for the purchase of machinery and equipment is close to 40 percent. Enterprises confidently plan their further development and continue to invest in modernisation," the Economy Ministry added.

Exports of goods and services continue to recover steadily. In January-July 2024, the growth rate accelerated to reach 104.5 percent. Supplies to friendly countries increased by 4.3 percent, to Asian countries — by 10.8 percent, and to Africa — four-fold.

The stable operation of the economy makes it possible to ensure the outstripping growth of real disposable incomes of the population — by 9.9 percent in January-July 2024.