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23 February 2021, 09:25

Belarus' GDP growth projected at 0.3-0.5% in Q1

MINSK, 23 February (BelTA) – Belarus' GDP is expected to grow by 0.3-0.5% in Q1 2021, Economy Minister Aleksandr Chervyakov told the media ahead of the meeting of the Presidium of the Council of Ministers on 23 February, BelTA has learned.

“The problems of 2020 resulted in poor performance of the service sector in January 2021. Nevertheless, the economy in general grew by more than 1%. Industry, especially the key industries (oil, potash fertilizers, and wood processing), had a special impact here. The IT sector also worked well. According to our estimates, we will have an increase of about 0.3-0.5% in the first quarter,” said Aleksandr Chervyakov. In his words, in January-March the plan was to reach the level of the same period in 2020. “We see however that we can increase a little bit,” the minister added.

Today's meeting will discuss the reserves and resources necessary to implement the tasks set for the national economic sector. “The development of the domestic market, the launch of the investment cycle and the export strategy are the three vectors we are going to focus our attention on. We will focus on the maximum use of our own resources. We are also talking here about the potential of our industries. This is our reserve that we can further develop on a new technological basis, a digital basis, which will increase productivity and competitiveness of products,” stressed Aleksandr Chervyakov. The emphasis will be placed on the modernization of traditional industries, the use of local raw materials (wood processing, peat, leather, etc.).

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