Belarus' GDP growth expected at about 1% in H1 2017

Belarus' GDP growth expected at about 1% in H1 2017

Belarus' Ministry of Economy expects GDP growth rate of at least 101% in the first half of 2017. July 14, the ministry announced the preliminary results of some industries' performance.

Industry is showing steady growth. The lowest level of backlogs over the last five years is now observed. In 2017 alone, Belarusian enterprises have entered 17 new markets. There are no problems in the construction sector either.

However, the agricultural sector is underperforming. The weather is the main reason for disruptions. Meanwhile, more serious work is needed when attracting investments, the Ministry of Economy states.

It counts on the initiative of regional executive committees, especially when it comes to the creation of new jobs.

Vladimir Zinovsky, Minister of Economy of the Republic of Belarus:
We forecast inflation to be 9%, but the pace of the consumer price index set suggests that inflation should not be more than 7%. The most important thing is that our enterprises, organizations that make these products, while reducing costs, do not increase the prices of their products. It's not so easy just to jump a certain number of percentage points. Of course, there is not enough investment. We need to work more seriously with our investors in all countries of the world. We pin many hopes also on our Chinese-Belarusian Industrial Park.