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Economy
17 April 2024, 17:32

Economy ministry: Belarusian economy maintains momentum 

MINSK, 17 April (BelTA) - A steady positive trend remains in place in the Belarusian economy, Belarusian First Deputy Economy Minister Andrei Kartun said as he commented on the country's social and economic performance in Q1 2004, BelTA learned from the press service of the Economy Ministry.

The National Statistical Committee reported that Belarus’ GDP rose by 4.1% in January-March 2024.

According to Andrei Kartun, the economy maintains momentum: the growth was 4.3% in March 2024 over March a year prior. "The manufacturing sector maintains a high pace: 6.5% in Q1. We have significantly increased the production of trucks and cars, buses, TVs, nitrogen fertilizers, cement, confectionery, paints, varnishes," he said.

Agriculture has posted good results too (up by 6.8%). "Production of vegetables expanded by more than 1.5 times. So do that of eggs and milk," Andrei Kartun said.

According to him, trade has been growing steadily: retail surged by 13.1%, wholesale - 5.8%, which is largely due to the outstripping growth of real household incomes and restrained growth in the consumer price index.

Among the growth drivers, along with the manufacturing sector and trade, was the construction industry, which expanded by 4.3%.

The transport sector is on a growth track too, up by 5.4%: passenger traffic went up by 8.3%, cargo turnover – by 3.1%.

As Andrei Kartun noted, growing export has shored up the economy. "Merchandise export in January-February amounted to $6.2 billion. An increase of 1.5% was achieved due to the growth of physical volumes. The country stepped up exports to the countries of Asia (by 14.2%) and Africa (by 3.4 times)," he stressed.

Enterprises continue to invest in development and modernization. Fixed-capital investments went up by 4.8% in January-March.

"Annual inflation in March remained at 5.6%, which, along with the efficient operation of the economy, allows us to ensure a high level of wages of more than Br2,000 in February 2024. Labor pensions in real terms also increased, by 9.1%," the first deputy economy minister said.
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