EconMin predicts 1.8% GDP growth in Belarus in H1 2021
<p> MINSK, Apr 26 - PrimePress. The Ministry of Economy of Belarus expects the gross domestic product (GDP) of the country to grow by 1.8% year on year in January-June 2021. Deputy Economy Minister Dmitri Yaroshevich shared the above forecast in an interview broadcast by the TV channel Belarus 1 on April 25. </p> <p> </p> <p> Yaroshevich noted that GDP grew by 0.9% in the first quarter. “It is encouraging that industry has made the greatest contribution, and not only our traditional commodity industries (oil refining and potash fertilizers), but also the production of machinery, equipment and computer equipment,” he said. </p> <p> </p> <p> According to the deputy minister, the growth rate is expected to accelerate in April and June. “We are optimistic about the second quarter. First, the business environment is leveling off compared to last year, we expect that services will make a positive contribution to GDP growth. In addition, our support tools will kick in: the decree on exports comes into force in May,” he explained. </p> <p> </p> <p> In the meantime, analysts at the Eurasian Development Bank (EDB) expect an acceleration of Belarus’ GDP growth rate to 1.5-2% by July 2021 and a subsequent slowdown by the end of the year. This is stated in a commentary in the bank's official Telegram channel. </p> <p> </p> <p> The EDB statement says: “In the coming months, the year-on-year GDP growth rate will increase and could be around 1.5-2% year-on-year at the end of the first half of the year. This will be due to last year’s low-base effect: the first wave of the pandemic occurred in the second quarter of 2020, during which output of service industries declined significantly. In the second half of the year, the low base effect will be exhausted and economic growth will slow down amid subdued investment and consumer activity.” End </p>
2021-04-27
Primepress
EconMin predicts 1.8% GDP growth in Belarus in H1 2021
MINSK, Apr 26 - PrimePress. The Ministry of Economy of Belarus expects the gross domestic product (GDP) of the country to grow by 1.8% year on year in January-June 2021. Deputy Economy Minister Dmitri Yaroshevich shared the above forecast in an interview broadcast by the TV channel Belarus 1 on April 25.
Yaroshevich noted that GDP grew by 0.9% in the first quarter. “It is encouraging that industry has made the greatest contribution, and not only our traditional commodity industries (oil refining and potash fertilizers), but also the production of machinery, equipment and computer equipment,” he said.
According to the deputy minister, the growth rate is expected to accelerate in April and June. “We are optimistic about the second quarter. First, the business environment is leveling off compared to last year, we expect that services will make a positive contribution to GDP growth. In addition, our support tools will kick in: the decree on exports comes into force in May,” he explained.
In the meantime, analysts at the Eurasian Development Bank (EDB) expect an acceleration of Belarus’ GDP growth rate to 1.5-2% by July 2021 and a subsequent slowdown by the end of the year. This is stated in a commentary in the bank's official Telegram channel.
The EDB statement says: “In the coming months, the year-on-year GDP growth rate will increase and could be around 1.5-2% year-on-year at the end of the first half of the year. This will be due to last year’s low-base effect: the first wave of the pandemic occurred in the second quarter of 2020, during which output of service industries declined significantly. In the second half of the year, the low base effect will be exhausted and economic growth will slow down amid subdued investment and consumer activity.” End