MINSK, 24 March (BelTA) – The Belarusian economy demonstrates positive dynamics in 2021. Belarusian Economy Minister Aleksandr Chervyakov made the statement during a working trip to Narovlya District, Gomel Oblast, the Economy Ministry press service told BelTA.
The official noted that Belarus' GDP grew by 0.8% in January-February 2021. The comparison is particularly telling because the COVID-19 pandemic did not affect the national economy back in January-February 2020.
The manufacturing sector, wholesale trade, and IT industry demonstrated positive dynamics. The economy minister mentioned oil refining, chemical industry, mechanical engineering, and pharmaceutics as drivers of the manufacturing sector.
According to Aleksandr Chervyakov, the situation in branches of the sphere of services that have been most affected by COVID-19 is stabilizing. “We expect a gradual restoration of dynamics at the end of H1 2021,” he explained.
Foreign trade is balanced. Export rose by 13.5% in comparison with January 2020 primarily thanks to an increase in the physical volume of export of products, which are not raw materials. The foreign trade surplus totaled $425 million.
“On the whole, according to our estimates, economic growth will be 0.3-0.5% in Q1 2021. It will be higher than what we expected when we worked out the projections,” the economy minister noted. He attributed the projected growth primarily to measures designed to support state enterprises and private ones.
The official also visited Narovlya Hydraulic Equipment Plant. The management of the enterprise informed the economy minister and Gomel Oblast Vice Governor Andrei Konyushko about prospects of implementation of new projects. In particular, the company intends to make quick-release hydraulic couplings for trailers and vehicles. The project will substitute imports and will contribute to the development of the enterprise and the district.
