Business news

18 Jan 2023

Despite sanctions Belarus shows robust economic growth in 2022

Dmitry Yaroshevich. An archive photo

MINSK, 18 January (BelTA) - Despite the sanctions the Belarusian economy showed robust growth in 2022, Belarusian Deputy Economy Minister Dmitry Yaroshevich told the media, commenting on the performance of the Belarusian economy in 2022, BelTA has learned.

The first assessment of the gross domestic product for 2022 has already been made. The GDP amounted to Br191.4 billion in current prices, or 95.3% year-on-year in comparable prices. “The result was at the level of minus 4.7%. Despite sanctions and pressure, we have managed to maintain this figure. It has not changed over the past few months,” said Dmitry Yaroshevich. “Industry, especially our flagships, has been showing growth for the last four months. On the whole, the Industry Ministry, according to our estimates, worked at 108% for the year.”

According to him, food industry and woodworking showed good performance as well. “In general, many of our traditional industries have worked well. Agriculture ensured a 3.6% growth, with a good harvest of grain and legumes, colza, flaxseed,” the deputy minister added.

The housing commissioning task was fulfilled. “A total of 4.226 million square meters of housing was commissioned. The annual target was 4.2 million square meters. We will continue working to meet social obligations,” said Dmitry Yaroshevich.

In his words, the year rounded up well in terms of financial performance. “Return on sales was 8.9%, the share of unprofitable companies reduced, debt burden on businesses decreased. This indicates that enterprises are doing well financially. The foreign trade balance exceeded $4.7 billion. As for exports, we expect to get $8 billion,” he said.

As for the plans for 2023, Dmitry Yaroshevich said that all necessary conditions were created to achieve the GDP growth of 3.8%, the task set by the head of state. “We will be working on it,” the deputy minister stressed.



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