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Belarus' GDP growth projected at 0.3% in 2016

Economy 07.12.2015 | 17:02

MINSK, 7 December (BelTA) – Belarus' GDP is expected to increase by at least 0.3% in 2016. This is envisaged in the 2016 draft budget and monetary policy guidelines which were considered at the session held by the Belarusian head of state on 7 December, BelTA has learned.

The President said that the 0.3% growth is a minimal level and urged the government to exceed the target in spite of the complicated external conditions. In 2015, the GDP growth is expected to be below the target, or just about 96.5% of the target.

Prime Minister Andrei Kobyakov told reporters that the government provides accurate forecasts regarding the growth of the real expendable incomes of the population. He stressed that economic entities should do their best to ensure the growth of labor productivity outstripping the growth of salaries. “A certain increase in salaries is envisaged in the budget, it will be slightly bigger that the inflation rate. The entire reserve of the salaries growth depends on optimization, rationalization of spending. The funds obtained during the optimization of budget-sponsored organizations will be used to increase salaries above the parameters envisaged in the budget law,” Andrei Kobyakov said.

The inflation rate is projected at 12% in 2016. According to the Prime Minister, in 2017 the government expects that this be a one-digit figure, or 9%.

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