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12 February 2024, 16:29

Share of construction in Belarus' GDP at 5.1% in 2023

MINSK, 12 February (BelTA) – The construction industry contributed 5.1% to Belarus' GDP in 2023, Belarusian Architecture and Construction Minister Ruslan Parkhamovich said at the ministry’s board meeting to review the industry’s performance in 2023, BelTA has learned.

"Last year, the construction industry was among the main growth drivers of the country's national economy, along with trade and manufacturing sectors. Most of the targets set out by the government were met. In 2023, the construction industry ranked second in terms of gross value added growth, which made it possible to ensure a positive contribution to the country's GDP. The share of construction in Belarus' GDP was at 5.1% in 2023," Ruslan Parkhamovich said. 

The minister noted that last year the volume of contract work increased significantly (up by 11.4%). Investments surged by 23.1%, import substitution, export of services went up by 8.5%, profitability of sales in the industry rose by 8.9%. The task of building housing for large families, all-electric homes and individual housing was fulfilled too. 

"In January-November 2023, the industry reported a net profit of Br694.7 million. Thanks to profitable work and the overall increase in net profit, the number of loss-making organizations decreased by 28% in the industry as against the same period of 2022," the minister noted. 

The meeting was attended by Belarusian Deputy Prime Minister Anatoly Sivak, the senior officials of the Construction and Architecture Ministry, heads of subordinate organizations, deputy chairmen of regional executive committees and other government officials.
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