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Belarus' budget surplus projected at Br730m in 2018

Economy 08.12.2017 | 13:58

GOMEL, 8 December (BelTA) - Belarus' budget surplus is projected in the amount of Br730 million in 2018, Finance Minister Vladimir Amarin told the media on the sidelines of the Belarus-Russia Union State government meeting in Gomel, BelTA has learned.

“The draft budget projects the surplus at Br730 million. This is 0.6%-0.7% of GDP,” Vladimir Amarin noted. The surplus will be used to repay the state debt.

Vladimir Amarin also informed that the budget should be prepared before 20 December.

The draft social and economic development forecast for 2018 expects the domestic demand to recover. The draft social and economic development forecast relies on two scenarios. The first one is supposed to reach the economic growth trajectory as stipulated by the five-year program. The second one is conservative and is used to draft the state budget. The first scenario expects oil to cost $45.9 per barrel, the U.S. dollar to cost RUB60.5, with the Russian economy growth rate at 101.7% and the price for potash fertilizers at $205 per tonne. In line with the draft social and economic development forecast, in 2018 Belarus' GDP growth rate is expected to reach 103.4%, labor productivity growth rate — 102.8%, the export growth rate — 106%. The deficit of foreign merchandise trade is estimated at $33.4 million, with net foreign direct investments at $1.45 billion.

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