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MINSK, 3 October (BelTA) – Efficient functioning of the economy was a major driver of rapid growth of household income in Belarus, Deputy Economy Minister Tatiana Brantsevich said at a meeting of the National Council on Labor and Social Matters, BelTA learned from the press service of the Economy Ministry.
In January-July real household income grew by 9.9%, well above expectations. “The increase in household income came on the back of higher wages. Real wages rose by 13.2% in January-August. The wages of public sector employees are also rising at a similar rate. The increase in wages across some professions is higher than the national average. Thus, in January-August, teachers' wages went up by 21.7%, wagers of kindergarten teachers rose by 14.9%,” said Tatiana Brantsevich.
According to the deputy minister, now that Belarusians have more money to spend, the demand for goods and services increased. Retail trade expanded by 12% in January-August 2024. The increase in wages is also attributed to the measures taken by the government to curb inflation. “According to our estimates, the consumer price index will not exceed the forecast values by the end of the year,” she added.
In January-July real household income grew by 9.9%, well above expectations. “The increase in household income came on the back of higher wages. Real wages rose by 13.2% in January-August. The wages of public sector employees are also rising at a similar rate. The increase in wages across some professions is higher than the national average. Thus, in January-August, teachers' wages went up by 21.7%, wagers of kindergarten teachers rose by 14.9%,” said Tatiana Brantsevich.
According to the deputy minister, now that Belarusians have more money to spend, the demand for goods and services increased. Retail trade expanded by 12% in January-August 2024. The increase in wages is also attributed to the measures taken by the government to curb inflation. “According to our estimates, the consumer price index will not exceed the forecast values by the end of the year,” she added.
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