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15 Nov 2016

PM: Belarus' economy shows signs of recovery

MINSK, 15 November (BelTA) – Belarus has been showing signs of its gradual economic recovery, Belarus Prime Minister Andrei Kobyakov said at the expanded-participation meeting of the Council of Ministers on 15 November, BelTA has learned.

“The statistics testify to a gradual economic growth. The situation in agriculture has improved, with the sector posting a 3.8% growth over the last year. Industry has been making headway, evenly approaching the level of the previous year – 98.5%. Bellegprom, Industry Ministry, Belgospishcheprom and Healthcare Ministry (pharmaceutical industry) have already exceeded the last year’s level by 0.8-6.8%. The processing industry is back on track in eight out of its 13 subsections,” Andrei Kobyakov noted.

The profitability of sales went up to 7.4%. The inflation rate stayed within the forecast, making 9.2% in January-October 2016. The foreign trade in goods and services is balanced. “In January-September 2016 the country registered a trade surplus of $391 million, or 1.1% of GDP, as against the projected 0.5% at the start of the year,” he stressed.

According to Andrei Kobyakov, the currency market has leveled off as well. In January-October 2016 net sales of foreign currency on the domestic market totaled $1.6 billion, including $325 million in October.

The Premier also took note of the recent improvements on the credit and deposit market. “In January-October 2016 fixed household deposits in the national currency ramped up by Br203 million, including Br78 million in October though the rates on such deposits are reducing,” Andrei Kobyakov said.

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