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Economy
17 August 2022, 19:34

Belarusian economy's successful adaptation to new conditions pointed out

Dmitry Yaroshevich. Photo courtesy of the Economy Ministry
Dmitry Yaroshevich. Photo courtesy of the Economy Ministry

MINSK, 17 August (BelTA) – The economy manages to rework itself and adapt to new conditions, the purchasing power of the population has been preserved, the press service of the Belarusian Economy Ministry quoted Deputy Economy Minister Dmitry Yaroshevich as saying.

Dmitry Yaroshevich said: “Results of January-July 2022 indicate that the GDP slowed down by 5.2%. As a matter of principle, we understood that industries need time to adapt to the new reality. It is the first reason of the current dynamics. The shift of the harvesting campaign timeframe is the second one. The latest data indicate that the gross harvest of cereals is on par with last year's although the area under crops is smaller. It gives us reasons to believe that agriculture will do much better in August. And hence the GDP trend will be adjusted.”

At the same time the official underlined that judging the state of the economy by looking only at the GDP is not entirely correct. “It is certainly an important indicator but you have to analyze other parameters, too. In particular, the foreign trade surplus. It totaled $3.2 billion in H1 2022 which is one of the highest figures on record. It indicates successfulness of our manufacturers and sellers on foreign markets. We sell more than we buy and this capital inflow keeps the currency market balanced,” he pointed out.

Salaries represent another important indicator. Salaries are slightly below 100% in real terms – 99.7%. “But I think at the end of 2022 it will be at least on par with last year's. The purchasing power of the population remains the same in real terms even considering high inflation,” Dmitry Yaroshevich stressed.

“It is also important to look at the labor market situation. The unemployment is small – 3.6% of the employable population which is considerably below the projected figure of 4.2%. It confirms that people are not getting fired in large numbers and the economy remains stable,” the deputy economy minister explained the dynamics.

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