Deputy Economy Minister: positive trends prevail in Belarus’ economy

Positive trends prevail in the economy – as Belarus’ Deputy Economy Minister Andrei Kartun told reporters, when commenting on the results of the economic performance for nine months of 2023

According to him, Belarus’ GDP grew by 3.5 percent in January-September 2023.

In general, we see that positive trends prevail in the economy. The GDP growth rate is accelerating. Compared to the previous month, it increased by 0.4 percent,” added Andrei Kartun.

The official noted that the main drivers influencing GDP growth have not changed in recent years: industry, construction and trade.

“Moreover, they are accelerating at a rate greater than we expected. We have already reached a level of GDP growth that exceeds the world average. We are leaders in the EAEU in terms of industrial production growth rate. We have already produced about 49,000 passenger cars – 4 times more than in 2022. Finished product inventories were reduced by almost Br1bn.”

The Deputy Economy Minister also noted the positive dynamics with exports, “We actively sell products to foreign markets. This year, we’re showing record export growth rates which already reached 105.2 percent. We have already sold almost $31bn of goods – a record since 2012. We increased supplies to Asian countries by 1.6 times. Growth is also taking place on other continents. Diversification is underway, and this helps to level out the fallen markets.”

According to him, what is especially pleasing is that investments have grown by almost 12 percent over nine months, “This refers to the funds sent to the active part of the equipment, which makes a significant contribution to economic development.”

As far as inflation is concerned, according to Andrei Kartun, it is at a record low level.

“We see all the prerequisites that its level at the end of the year will be below the target of 7-8 percent and will amount to no more than 6 percent,” he stressed.

Against the background of the country’s having one of the lowest interest rates in recent years, consumer activity is actively growing, which is also facilitated by a significant increase in real cash incomes of the population.