Business news

MINSK, 16 February (BelTA) – Belarus' GDP expanded by 4.6% in January, Belarus’ Deputy Economy Minister Alexander Chervyakov told the media before the board meeting of the ministry on 16 February, BelTA has learned.

According to the National Statistics Committee, the GDP amounted to Br9.1 billion in current prices, which represents a 4.6% increase in comparable prices as against January 2017.

“The economy expanded by 4.6% in January. This is due to the potential and trends that were laid last year. These include wage increases that have driven the consumer demand, the improved financial status of companies and lower rates on loans that have promoted the growth of investment and the construction sector. Belarus has started working in foreign markets more efficiently,” Alexander Chervyakov noted.

Surveys show that the companies have good order intakes for the mid-term. In December 2017 Belarusian enterprises actively purchased so-called intermediate imports, i.e. raw materials, for the use in manufacturing. “In January, we saw a decline in the backlogs of inventory, which means that the goods we produce sell well,” the deputy minister said.

Summing up the performance of the Economy Ministry in 2017, Alexander Chervyakov noted that all the goals set for the ministry had been met. Among the biggest achievements is the the package of business promotion documents. “2017 was a turning point in the economic trends. This is not only a 2.4% increase in GDP, but also the changes in the population's incomes, wages, investments, a trade surplus in goods and services, a reduction of inflation. It is important to preserve these trends in 2018,” the deputy minister said.