Despite external pressure, Belarus’ industry showing steady growth

Despite the increasing attempts of external pressure from unfriendly countries, the Belarusian industry is showing steady growth – as reported by Industry Minister Aleksandr Yefimov during today’s meeting on the development of the Belarusian industry, held by President of Belarus Aleksandr Lukashenko

According to the official, over the past few years, the industry has been annually fulfilling all the key performance indicators. So, from 2021 to 2023, despite increasing attempts of external pressure from unfriendly countries, the Industry Ministry managed to fulfil all the required indicators of the current five-year plan in just three years.

“Over the three years of the five-year plan, the growth of industrial production stood at 139.8 percent (against a target of 124.6 percent) and that of export supplies reached 168.1 percent (against a target indicator of 136.3 percent). The sustainable operation of the industry is ensured. Last year, exports totalled $6.5bn – a record for the last decade. This year, we also plan to ensure a positive export growth rate, thus repeating the record already achieved. We make the most of the current market situation,” the Industry Minister reported.

Aleksandr Yefimov cited the following figures: in 2023, sales of passenger cars rose 2.3 times compared to 2021, sales of TV sets jumped 2.8 times, those of washing machines increased 1.4 times, those of trucks grew 1.2 times, and sales of dump trucks, elevators and finished steel increased 1.1 times.

Moreover, the Industry Ministry notes the positive results of H1 2024, which ended with a positive production growth rate of 104.1 percent (Br15.8bn). Exports reached $3.2bn, while production of import-substituting goods achieved $3bn (seeing a growth rate of 107.1 percent). The share of shipped innovative products made up 41.9 percent in the total production.

“In general, under a conservative scenario of industrial development, we forecast positive growth rates for this year and aim to reach more than Br31.6bn of production with a growth rate of 124 percent. We also expect positive results on exports in the amount of 102.5 percent. These are the minimum figures. There are certain reserves, and the Industry Ministry, together with our enterprises, will use them as much as possible in order to further improve these indicators,” Aleksandr Yefimov assured.