Chervyakov: Belarus’ economy reached its annual target of 103.8% of GDP

The Belarusian economy is developing steadily, as Belarus’ Economy Minister Aleksandr Chervyakov told reporters before the start of the Council of Ministers meeting, where the results of the country’s socio-economic development for nine months of 2023 were discussed

“In general, the economy is developing steadily and consistently, and taking into account ten months’ results, we will maintain this level and fulfil the task that the President set for us.”

He recalled that since early 2023 the Government has been implementing a targeted mobilisation plan, “The decisions that the Government has made to intensify the work of economic sectors are producing results. The preliminary results of work over ten months are already known today. We reached the planned target for the year: 103.8 percent of GDP. We’ve reached the level that the Head of State set for us ahead of schedule. This was done primarily by mobilising the reserves that we had across various sectors of the economy.”

The Economy Minister noted that today almost all sectors are being restored, “We’ve fully compensated for losses in foreign markets. The pace of wages is quite good, and household incomes are growing.”

Speaking about the reserves for economic development, Aleksandr Chervyakov said, “There’re reserves in construction, trade, and industry. Today we will be going through all the industries to identify untapped potential, and we will lay the foundation for next year.”

According to the official, as far as foreign trade is concerned, the growth rate of physical export volumes over none months totalled 127 percent, “Today we have a positive foreign trade balance. If we take September, this is the first month when the trade balance is positive. The decisions we are making to increase export supplies are working.”