17 October 2024, 17:43

Belarus’ economic growth higher than forecast, world average in January-September 2024

MINSK, 17 October (BelTA) – Belarus’ economic growth was higher than the forecast and the world average in January-September 2024, BelTA learned from the press service of the Economy Ministry of Belarus.

The Belarusian National Statistical Committee reported that the GDP rose by 4.5% in January-September. "This is higher than the forecast and the world average. The manufacturing industry, the traditional leader, expanded by 6.4%. The production of cars, trucks, buses, wagons, motorcycles, building materials, etc. expanded significantly, while the manufactured products were in high demand: the level of stocks was still at a 10-year low," the Economy Ministry noted.

Retail surged by 11.8% on the heels of the outstripping growth of real household incomes (9.7%) and a restrained growth of the consumer price index (106%).

Major contributors were construction (108.9%), transportation (105.9%) and agriculture (105.1%). The IT sector has continued to recover, breaking even in July and seeing a 0.7% increase in January-September.

Investments in fixed assets are growing significantly ahead of the forecast – up by 7.1% in January-August.

Exports of goods and services have continued to recover. In January-August 2024, exports were up by 4.8%, exceeding $32 billion in value terms. Exports of goods amounted to $26.3 billion, with food products leading the way, growing by 15.7%.

Belarus keeps increasing its supplies to the markets of friendly countries, Asia (up by 7.5%) and Africa (fourfold increase).

The stable operation of the economy makes it possible to ensure a high level of average salaries: in January-August. Retirement pensions went up by more than 10%.