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Belarus government determined to keep GDP growth at 3.5% in 2018

MINSK, 26 November (BelTA) – The Belarusian government is working hard to keep the country’s GDP growth at the level of 103.5% in 2018, Belarus’ Prime Minister Sergei Rumas said at the government meeting hosted by the head of state on 26 November, BelTA has learned.

“At the end of the year the government is taking measures to maintain the country’s GDP growth at 3.5%. However, some regions are not meeting the gross regional product forecast for 2018. It is not an easy task to make up for a decline in agricultural production and fill in the gap. We, together with the regional authorities, are working on the task,” said Sergei Rumas.

According to him, the Belarusian economy is developing within the forecast approved for 2018. In January-October 2018, all seven key performance indicators of the government and the National Bank were fulfilled. The GDP annual forecast is secured. “Minsk Oblast, Vitebsk Oblast and Grodno Oblast are meeting the gross regional product growth forecasts. Other oblasts are having it below forecasts, but are doing better than in 2017,” the prime minister said.

He stressed that the most sensitive issues for people are salaries and pensions, employment, prices and the stability of the Belarusian ruble.

“As regards incomes, real growth of salaries in January-October this year amounted to 112.3%  [over the same period a year prior]. This is significantly higher than it was projected. Average nominal salaries in the country in October was 30 kopecks short of Br1,000. Average salary in the real sector of the economy was higher, at Br1,075. The target to have the average salary at Br1,000 will be met in the fourth quarter across the country,” Sergei Rumas said.

He noted that salaries in the budget-financed sectors increased and amounted to Br769 in October, which corresponds to 77% of the average salary in the country. In the fourth quarter the salary in the budget-financed sectors is estimated at Br800.

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