Minsk, November 20, 2024 — The Europe Today: The economic situation in Belarus remains stable, with notable improvements in the population’s living standards, Prime Minister Roman Golovchenko stated during a Council of Ministers meeting.
“From January to September, we met four out of five key performance indicators set for the government and the National Bank,” Golovchenko said. Among the achievements were GDP growth of 4.5%, surpassing the forecast of 3.4%, investment growth of 7.6% against a target of 2.7%, and a 9.4% increase in real household income, well above the planned 3.1%. Inflation stood at 3.8% as of December 2023, lower than the projected 4.6%.
However, the export of goods and services target was slightly missed, with growth recorded at 4.4% instead of the expected 5.3%. The prime minister attributed this shortfall to market fluctuations but highlighted government efforts to diversify exports, including a 3.7-fold increase in exports to African countries, which now number 45 markets for Belarusian products.
Key Drivers of Economic Growth
Golovchenko identified manufacturing, construction, and trade as primary contributors to GDP growth. Minsk Oblast led in economic performance, while Gomel Oblast fell short of its GDP target, despite year-on-year expansion.
Social Commitments and Rising Living Standards
The government has fully met its social obligations, Golovchenko emphasized. Real disposable income grew faster than planned, with the average salary reaching Br2,200, a 13% real-term increase. Public sector salaries rose by 11.7%, and pensions grew by 9.7%, bringing the average pension to Br803 in September.
“The population’s confidence in the national currency is growing,” the prime minister noted, citing a rise in term deposits in Belarusian rubles. Additionally, the country’s gold and foreign exchange reserves increased by $800 million, reaching $8.9 billion by November 1.
Investments and Infrastructure
Investment levels exceeded expectations, growing by 7.6% compared to a forecast of 2.7%. Despite this progress, challenges remain, particularly in regional infrastructure projects initiated under presidential directives.
Outlook for the Future
Prime Minister Golovchenko assured that macroeconomic stability is being maintained, providing a solid foundation for Belarus to conclude the final year of its current five-year economic plan on a strong note.
“The situation in the economy remains stable and manageable. Everything is in place to meet the projected parameters and move forward,” Golovchenko stated.
The government reiterated its commitment to improving the quality of life for the population while addressing challenges in export and infrastructure development.
