Government summed up results of Belarus’ socio-economic development in January-September 2024
The Council of Ministers meeting has considered the results of the country’s socio-economic development, with Prime Minister Roman Golovchenko reporting on the fulfilment of the most important performance indicators of the Government and the National Bank for the first three quarters of 2024
According to the PM, the GDP growth rate of 104.5 percent was achieved against the forecast of 103.4 percent. The investment indicator was also fulfilled: 107.6 percent against the target of 102.7 percent. Real incomes of the population grew to 109.4 percent against the plan of 103.1 percent, while inflation was 103.8 percent by December 2023 against the forecast of no more than 104.6 percent. Exports of goods and services fell short: 104.4 percent against the target of 105.3 percent.
“The main growth drivers were: industry (growth of 106.3 percent), construction (108.9 percent) and trade (109.8 percent). All regions have made a positive contribution to the GDP formation. The Minsk Region remains the leader (106.3 percent). All social obligations are fulfilled in a timely manner and in full. The inflation rate is kept within the planned parameters. Macroeconomic stability is ensured. Over the past period, the country’s gold and foreign exchange reserves have increased by $800m to $8.9bn (as of November 1st). Public confidence in the national currency is growing. Thus, since early 2024, bank deposits of citizens in Belarusian Roubles have increased by almost 30 percent,” Mr. Golovchenko said.
The Head of Government also noted that the most important target task of raising the living standards of the population is being systematically ensured. In January-September, real disposable incomes grew faster than planned. The average salary in the country reached Br2,200 – a 13 percent increase in real terms. Pensions increased by 9.7 percent, and the average pension stood at Br803 in September. In the public sector, real wages grew by 11.7 percent.
“Over nine months, the country exported $36.7bn of goods and services – an increase of $1.5bn compared to the same period a year earlier. The growth rate was 104.4 percent against the forecast of 105.3 percent. This was influenced by market changes and many factors. At the same time, diversification of export flows is actively underway. Thus, over nine months, exports to African countries have grown 3.7 times, and the number of African countries – buyers of our products – has increased to 45 states,” the PM explained.
Speaking about the investment growth rate of 107.6 percent, Mr. Golovchenko noted that it is significantly higher than the forecast parameter. However, unresolved issues remain. The main one, he called the timely development of infrastructure projects in the regions implemented within the framework of the Head of State’s individual decisions.
“In general, the situation in the economy is stable, manageable, and there is every chance to finish the year within the planned parameters in order to move to the final year of the five-year plan with a good position,” the PM concluded.
