Belarus’ GDP down 1.1% in Jan-Oct 2020, dynamics positive – Economy Ministry
<p> MINSK, Nov 16 - PrimePress. Belarus’ gross domestic product (GDP) declined in January-October 2020 by 1.1% year on year, Economy Minister of Belarus Alexander Cherviakov said on November 16, 2020 at the ceremony of the opening of the World Entrepreneurship Week. </p> <p> </p> <p> According to the minister, the COVID-19 pandemic led to an economic activity decline, the impact of which Belarus managed to mitigate by keeping production facilities running. </p> <p> </p> <p> “The decline in Belarus was less extensive to compare with that of our main economic partners. The GDP monthly dynamics has been on the rise since July. Over the past four months, it increased by 0.7 percentage points to 98.9% in October,” BelTA state newswire quotes Cherviakov as saying. </p> <p> </p> <p> He said the growth rates in the IT sector, construction and agriculture were above the forecast and continued to go up. “Despite the artificial shocks in the financial market, the macroeconomic balance has been maintained. The economy will continue to recover and will approach the level of the past year,” he said. </p> <p> </p> <p> Prime Minister of Belarus Roman Golovchenko said on November 2, 2020 that the government would maintain the zero GDP growth rate in 2020 “under favorable circumstances”, i.e. if Belarus’ major trade and economic partners would not resort to a lockdown. </p> <p> </p> <p> According to the National Bank of Belarus, Belarus’ real GDP decreased in the third quarter of 2020 by 0.5% against 3.3% in 3Q19. </p> <p> </p> <p> As previously reported, Belarus’ GDP was down 1.3% year on year in January-September 2020. In 2019, Belarus’ GDP grew by 1.2% year on year. The Belarusian authorities forecast 2.8% GDP growth in 2020. End </p>
2020-11-16
Primepress
MINSK, Nov 16 - PrimePress. Belarus’ gross domestic product (GDP) declined in January-October 2020 by 1.1% year on year, Economy Minister of Belarus Alexander Cherviakov said on November 16, 2020 at the ceremony of the opening of the World Entrepreneurship Week.
According to the minister, the COVID-19 pandemic led to an economic activity decline, the impact of which Belarus managed to mitigate by keeping production facilities running.
“The decline in Belarus was less extensive to compare with that of our main economic partners. The GDP monthly dynamics has been on the rise since July. Over the past four months, it increased by 0.7 percentage points to 98.9% in October,” BelTA state newswire quotes Cherviakov as saying.
He said the growth rates in the IT sector, construction and agriculture were above the forecast and continued to go up. “Despite the artificial shocks in the financial market, the macroeconomic balance has been maintained. The economy will continue to recover and will approach the level of the past year,” he said.
Prime Minister of Belarus Roman Golovchenko said on November 2, 2020 that the government would maintain the zero GDP growth rate in 2020 “under favorable circumstances”, i.e. if Belarus’ major trade and economic partners would not resort to a lockdown.
According to the National Bank of Belarus, Belarus’ real GDP decreased in the third quarter of 2020 by 0.5% against 3.3% in 3Q19.
As previously reported, Belarus’ GDP was down 1.3% year on year in January-September 2020. In 2019, Belarus’ GDP grew by 1.2% year on year. The Belarusian authorities forecast 2.8% GDP growth in 2020. End