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Economy
25 May 2022, 11:48

Snopkov: Belarus' economy is adaptive to the West's aggressive actions

MINSK, 25 May (BelTA) – Belarus' economy is adaptive to the aggressive actions of the West, First Deputy Prime Minister Nikolai Snopkov said at a joint meeting of the House of Representatives and the Council of the Republic, BelTA has learned.

“Belarus' economy is adaptive to the aggressive actions. We have a trade surplus. In the first quarter the export rose by 5% (or $0.5 billion) year-on-year. We have a record high trade surplus of almost $1 billion. Although the energy and potassium supplies dropped, the export of other commodity groups increased by 10%,” Nikolai Snopkov said.

The situation on the foreign exchange market has also stabilized. In April 2022, the sale of currency by all market participants exceeded its purchase by $500 million.

According to the first deputy prime minister, overstocking of goods is the lowest in recent years. The country's industry giants performed well financially. In the first quarter revenue grew by 17% outpacing the growth in costs. Profit from sales increased by 34%, net profit went up by 12%. “This is attributed to two factors: high demand for Belarusian products and the price growth on the international market. In other words, we make up for reduced exports to unfriendly countries by selling products at higher prices,” he explained.

The average profitability of sales of Belarusian industrial goods is 9.6%. According to Nikolai Snopkov, this is enough to service loans and pay wages in time.

“The real household income and real wages remain on the growth track. All social commitments are fulfilled by the state in time. In January-March 2022, real household income inched up by 0.2%, real wages rose by 4.5%,” the first deputy prime minister said.

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