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Household income growth, low inflation seen as main economic results in Belarus in 2023

MINSK, 18 January (BelTA) – In 2023, Belarus ensured the growth of household incomes and low inflation, Belarusian Deputy Economy Minister Andrei Kartun said as he commented on the performance of the Belarusian economy in 2023, BelTA has learned.

"Last year's economic growth was balanced. We addressed three main tasks: above-average growth of household incomes, low inflation and employment," Andrei Kartun said.

In particular, the real disposable income of the population grew by 6.1% in January-November 2023. According to Andrei Kartun, there was an increase in average salaries and pensions last year.

In 2023 the consumer price index was 105.8% (below the forecast of 7-8%). "That was one of the lowest indicators in the region. In many countries of the European Union, in Russia the inflation was higher. This was achieved thanks to price regulation measures and positive foreign market trends. World import prices for food decreased, which somewhat worsened the situation for exporters, but had a good impact on inflation," the deputy minister said.

On the employment front, the unemployment rate was also low last year, at over 3%. "The most important result was the reduction in the level of so-called hidden unemployment. The number of employed people working part-time fell by more than 2.3 times," he said.

Andrei Kartun added that the number of companies most affected by the sanctions went down. "Now we are monitoring only 10 companies, which we are helping in a manual mode," he said.

In general, economic growth was higher than planned. Last year the annual GDP forecast was higher than projected: 3.9% as opposed 3.8% originally penciled in.

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