Snopkov: Belarusian economy reached positive growth rates

The Belarusian economy has reached positive growth rates – as stated by the First Deputy Prime Minister, Nikolai Snopkov, at a meeting of the Council of Ministers focusing on the H1 2023 economic results

“Since March 2023, the economy has reached positive growth rates. In H1, Belarus’ GDP grew by 2 percent, and it rose by 7.1 percent in June. In order to achieve the most important parameter for the GDP growth of 3.8 percent in 2023, the Government has defined tasks for ministries, concerns and executive committees for this goal to be met,” Mr. Snopkov said.

The First Deputy Prime Minister noted that, in the first half of the year, industrial production increased by 6 percent compared to the same period in 2022 – recovering to the level of H1 2021. “Most departments fulfil their tasks aimed at the growth of industrial production, but there are exceptions as well. The production of industrial products for certain types of activities is declining, or the pace of recovery is insufficient relative to the autumn of 2022,” he added.

According to Mr. Snopkov, the enterprises subordinate to the Industry Ministry have developed high growth rates of industrial production, which are backed by strong external demand. “Exports of goods are growing, and export growth targets are met by most concerns and ministries. This growth is mainly due to the Russian market, due to exports to Russia and friendly countries with an increase of $5.6bn. It is gratifying to note that we have fully compensated for the decrease in supplies to Ukraine and unfriendly countries. Imports of goods are growing faster than exports. As a result, in H1 2023, the foreign trade deficit in goods stood at $1.6bn against the positive balance for the same period last year. At the same time, investment imports – necessary for creation of new enterprises and modernisation of the existing ones – are growing,” Belarus’ First Deputy Prime Minister said.