Belarusian economy maintains stable positive dynamics

This was stated by Belarusian First Deputy Economy Minister Andrei Kartun on April 17th, as he commented on the results of the country's socio-economic development in the first quarter of 2024. As previously reported by the National Statistical Committee of Belarus, the GDP growth rate in January-March amounted to 104.1 per cent.

According to Andrei Kartun, the economy remains stable and positive: the growth was 4.3 per cent in March 2024 over March a year prior.

“The industry maintains high rates: in January-March 2024 – 106.5 per cent. We have significantly increased the production of trucks and cars, buses, TV sets, nitrogen fertilisers, cement, confectionery, paints, and varnishes. Agriculture shows good results as well. We received a big increase in vegetables, eggs, and milk,” the First Deputy Economy Minister noted.

Trade is also growing steadily: retail – 113.1 per cent, wholesale – 105.8 per cent, which is largely due to the outstripping growth in real household incomes, as well as a restrained increase in the consumer price index. Along with industry and trade, construction was among the drivers of growth, with the rate of 104.3 per cent.

“Stable positive dynamics is recorded in the transport sector: the growth rate in passenger traffic amounted to 108.3 per cent, cargo turnover – 103.1 per cent,” the First Deputy Economy Minister added.

Mr. Kartun stressed that the economy is supported by increased sales in foreign markets, “Exports of goods in January-February amounted to $6.2bn. An increase of 1.5 per cent was achieved due to the growth in physical volumes. In particular, it was possible to increase exports to Asian and African countries.”

Enterprises continue to invest in their development and modernisation. Fixed-capital investments went up by 4.8 per cent in January-March.

“Annual inflation in March remained at 5.6 per cent, which, along with effective work of the economy, allows for a high level of wages – over 2,000 Belarusian Roubles in February 2024. Labour pensions in real terms also increased – by 9.1 per cent,” Andrei Kartun summarised.