GDP growth slows to 1.2 percent

March 19, BPN. Belarus’ GDP grew by 1.2 percent in comparable prices year on year in the first two months and amounted to 28.1 billion rubels at current prices, said the National Statistics Committee reported.

Growth slowed from 2.7 percent (14.9 billion rubels) in January.

Belarus reported economic growth of 2.3 percent in 2021. GDP fell by 0.9 percent in 2020, increased by 1.2 percent in 2019, by 3 percent in 2018, by 2.4 percent in 2017, and declined by 2.6 percent in 2016.

The government projected a 2.9-percent growth in 2022. The IMF expected Belarusian GDP to grow by 0.5 percent this year, while the World Bank forecasted a decline of 2.8 percent. The Eurasian Development Bank expected growth of 0.7 percent.

Industrial production rose by 3.5 percent in January and February (by 7.2 percent January to January).

The mining industry’s output increased by 6.3 percent (8.9 percent) and manufacturing output went up by 4.3 percent (7.7 percent).

Retail sales totaled 9.5 billion rubels, rising by 4 percent (3.3 percent) the first two months of 2021.

Daily retail sales turnover per capita amounted to 17.2 rubles against 14.9 rubles in January – February 2021 (16.6 rubels in January 2022 against 14.4 rubels in January 2021).

In the first two months of 2022, the wholesale turnover amounted to 22.2 billion rubels (10.5 billion rubels in January), and increased by 3 percent (2 percent) year on year.