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Economy
11 October 2022, 13:43

Manufacturing industry expected to contribute more to economic growth in Belarus

Dmitry Yaroshevich. An archive photo
Dmitry Yaroshevich. An archive photo

MINSK, 11 October (BelTA) – Positive trends remain prevalent in the economy, Belarusian Deputy Economy Minister Dmitry Yaroshevich told BelTA when asked about GDP projections for January-September 2022.

According to Dmitry Yaroshevich, the Belarusian economy growth rate will be 95.3% in January-September, 0.2 percentage points up from August.

The official said that higher yields of cereals, rapeseed, and effective work of cereal growers and hence a higher output of agribusiness products had propped positive economic trends. Forage is being harvested at a good pace. The animal husbandry industry will be well-supplied with feed while the population will be well-supplied with meat, milk, and other foods. “It represents a substantial contribution to the country's food security and new opportunities for export. We also expect the manufacturing industry to make a larger contribution to economic growth by means of raising the output of mechanical engineering industry, woodworking industry, and food industry,” the deputy economy minister said.

Balanced work of the real sector is the key result of the measures the government is taking to support the economy, Dmitry Yaroshevich remarked. Positive dynamics of financial performance of Belarusian enterprises testifies to that. Their earnings grew faster than prime costs by 0.9 percentage points in January-July 2022. Profit margins exceed last year's level by 0.8 percentage points. The share of loss-making organizations and the debt burden are decreasing. In January-August 2022 smooth shipment logistics and profitable sales secured the highest foreign trade surplus of the last ten years -- $3.5 billion. These foreign currency earnings will become an additional factor of stability of the Belarusian economy, the official said. He expects Belarus' GDP to continue growing month after month.

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