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19 Apr 2013

Lukashenko: Economic growth targets for 2013 remain in place

MINSK, 19 April (BelTA) – Economic growth targets for 2013 remain in place, President of Belarus Alexander Lukashenko said in his State of the Nation Address.

According to the President, the economic results for the first quarter of this year are generally good. The gross domestic product increased by 3.5%, capital investments by 12.5%, including those in equipment by 21.7%.

“Belarus still has a surplus of foreign trade in goods and services. Currency earnings increase on a monthly basis. Gold and foreign currency reserves are equal to two months of imports. The situation on the domestic currency market is stable, with foreign currency supply exceeding demand in all segments (since the beginning of the year the National Bank has bought almost $600 million). The refinancing rate of the National Bank, though still high, has been reduced to 27% per annum on the back of the declining inflation. Loans are gradually becoming more accessible for the economy,” Alexander Lukashenko said.

Alexander Lukashenko noted that in spite of such positive dynamics, the backlogs of inventory have been piling up, both in absolute and in relative terms. As of 1 April they were worth Br32 billion. "This equals 80% of the monthly average output. Almost twice of last year's. What is the matter? I have not abolished my requirement to promote trade in all possible ways. Get the local authorities involved immediately and give us concrete result on this front,” the President demanded.

“No one has cancelled this year’s goals for economic growth. I have already warned the government and the National Bank, and today once again I draw your attention to this most important issue,” Alexander Lukashenko said.

“Please remember we have no reason to be complacent today. Yes, the crisis aftershocks have calmed down, and we are consistently moving forward. But should we get complacent for a second, we will be immediately reminded of that in a bitter manner,” the Belarusian leader added.

As it has been reported earlier, the President has signed a decree to approve the major parameters for the country’s social and economic development in 2013. In particular, the document provides for an 8.5% growth in the gross domestic product, a 9.3% increase in labor productivity and a 15.2% increase in the exports of goods and services.

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