EDB: industry accounts for almost half of Belarus’ GDP growth in Q1

April 22, Pozirk. According to preliminary data, almost half of the increase in Belarus’ gross domestic product was driven by industrial production, which increased by 6.5 percent in January-March year on year, the Eurasian Development Bank said in a weekly report.

It also highlighted positive trends in other sectors. Agricultural output jumped by 6.8 percent and freight transportation, by 3.1 percent.

The economic expansion was also driven by robust domestic demand, particularly consumer spending. Retail sales surged by 13.1 percent in January-March, following a 12.6 percent increase in January-February. Additionally, capital expenditures rose by 4.8 percent, after a previous increase of 3.4 percent.

Belarus’ first-quarter GDP amounted to 53 billion rubels ($16.2 billion), 4.1 percent more than in the same period in 2023, according to estimates by the Belarusian National Statistical Committee.

The EDB is expecting Belarus to grow by 2 percent by year-end. The International Monetary Fund projects growth of 2.4 percent and the World Bank, 1.2 percent.

GDP grew by 3.9 percent in 2023, decreased by 4.7 percent in 2022 and expanded by 2.3 percent in 2021, while 2020 saw a 0.9-percent contraction.

Also read: Biełstat: Belarus’ GDP up 4.1 percent in Q1