PM: Economic situation in Belarus is stable

The economic situation in the country remains stable, the living standards of the population are improving, Prime Minister of Belarus Roman Golovchenko said at a meeting of the Council of Ministers on 29 November, BelTA has learned.

“In January-September, four out of five key performance indicators of the government and the National Bank were met. Those were the GDP growth (4.5% vs the forecast of 3.4%), investment (7.6% vs 2.7%), and real household income (9.4% vs 3.1%). Inflation was 3.8% as of December 2023, below the projected range of 4.6%. The export of goods and services indicator was not met - the growth was 4.4% though the target was 5.3%,” said Roman Golovchenko.

He named manufacturing, construction and trade as the main drivers of growth.

“All the regions made a contribution to the GDP growth with Minsk Oblast remaining on top of the list and Gomel Oblast lagging behind. This is the only region that did not fulfill the GDP target. Its economy expanded over last year, but not to the extent that we expected,” the prime minister remarked.

All social commitments are fulfilled in time and in full, the Belarusian head of government emphasized. “The inflation rate is kept within the target range. Macroeconomic stability is ensured. Over the past period, the country's gold and foreign exchange reserves increased by $800 million up to $8.9 billion by 1 November. The population's confidence in the national currency is growing: since the beginning of the year, term deposits of individuals in Belarusian rubles have grown,” he noted.

The government consistently and successfully works on the most important target – raising living standards of population. “In January - September, real disposable income was growing faster than planned. The average salary in the country reached Br2,200, up by 13% in real terms. Pension benefits increased by 9.7%, the average pension in September was Br803. Real salaries of the public sector employees went up by 11.7%,” Roman Golovchenko noted.

Over the nine months, the export of goods and services amounted to $36.7 billion, up $1.5 billion year-on-year. The export expanded by 4.4%, although the target was 5.3%. According to the prime minister, the target was not met due to many factors, including market fluctuations. At the same time, the government is working hard to diversify exports. Over the nine months, the export to African countries soared 3.7 times, while the number of African countries that buy Belarusian products rose to 45.

The investment grew by 7.6%, well above the forecast. “Yet, some issues remain unresolved. This mostly pertains to infrastructure projects in the regions that were launched within the framework of decisions of the head of state,” the Belarusian head of government added.

“Generally speaking, the situation in the economy remains stable and manageable. Everything is in place to meet the projected parameters and move on to the final year of the five-year plan from a good place,” Roman Golovchenko added.

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