MINSK, 17 October (BelTA) – In January-September 2017 Belarus' GDP growth rate totaled 101.7%, BelTA learned from Economy Minister Vladimir Zinovsky during the session of the Council of Ministers' Presidium held on 17 October to discuss the performance of the national economy in January-September and measures to fulfill this year's social and economic development tasks.
Inflation amounted to 2.7%.
The official said: “The government and the central bank secured six out of seven key performance indicators. There is good dynamics of the seventh indicator — real income of individuals. We are ahead of the curve in virtually all the parameters.”
According to Vladimir Zinovsky, the Belarusian economy is now on a recovery growth track, moving along with safe parameters from the point of view of macroeconomic balance. He pointed out that these results had been achieved by evolutionary means — through higher labor productivity, lower interest rates on bank loans, and recovering export. “We have not resorted to artificially heating up the economy,” he noted.
Vladimir Zinovsky said that the manufacturing sector remains the key driver of economic growth, however, on the whole, all the branches of the national economy have hit their performance targets except for civil engineering.
“However, I'd like to warn you against excessive self-complacency. The year is not finished yet. There are a number of risks. First of all, the commitments undertaken by the ministers and the oblast governors must be fulfilled. The national economy branches, which can increase their performance even more, should do so. It is no secret that we look at this year from the point of view of fulfilling the five-year period tasks. This is why today it is important to do everything necessary to lay down the foundation for a good start next year,” said the economy minister.
In his report Vladimir Zinovsky sketched out existing problems and presented the Economy Ministry's vision on ways to tap into reserves of every branch of the national economy with a view to perpetuating the current positive results. He also pointed out that Russia had revised upwards this year's development estimates and projections for the next year. The fact represents additional opportunities for Belarus in the form of a larger market, which will allow increasing Belarusian export in 2018.
The minister stated that the situation concerning the fulfillment of the instructions given by the latest session of the Council of Ministers in the regions had not changed: only Brest Oblast, Gomel Oblast, and the city of Minsk have managed to hit the gross regional product targets.
“The experience of preparing the development program for Orsha District unearthed systemic problems in the planning process. This is why the Economy Ministry has started drafting plans for the development of the oblasts and — for the first time — plans for the development of districts and major cities in 2018. They are dependent on branches of the national economy and take into account business plans of the companies located in the relevant areas. It will allow creating a more precise planning system using the scheme: enterprise – district —oblast — country,” noted Vladimir Zinovsky.
The economy minister pointed out that the oblast administrations and the Minsk City Executive Committee are to submit plans for developing their regions to the Economy Ministry by 1 December 2017 for review and approval.
“It is possible to hit the GDP target. If resources are properly mobilized, the actual figure can be even higher. Keeping up the pace and getting rid of slack in a number of areas is what matters. Particularly in civil engineering,” concluded Vladimir Zinovsky.
