EDB review: Belarus GDP growth slowing down to less than 1% in September
<p> MINSK, Oct 25 - PrimePress. The Eurasian Development Bank (EDB) says the growth rate of Belarus’ gross domestic product (GDP) reduced to less than 1% in September 2021 compared to the level of September 2020. This is stated in the EDB weekly review of economic news published on 25 October. </p> <p> </p> <p> “The Belarusian economy grew by 2.7% year on year in Jan-Sep 2021 (+3% yoy in January-August). In September, GDP growth remained below 1% yoy mainly due to a 13.7% yoy contraction of agricultural production. Strong dynamics remained in the ITC sector, whose gross value added increased by 9.6% year on year in Jan-Sep. Industrial production continued to grow at 2.3% year on year in September, following 3.7% and 2.7% year on year in August and July, respectively,” says the review. </p> <p> </p> <p> EDB analysts believe the dynamics demonstrated by Belarus’ industrial sector indicate that “the restrictions imposed by some Western countries have not yet had a significant impact on production”. “Investment (minus 9.1% yoy in September) and retail trade turnover (+1.7% yoy) show subdued dynamics. In the former case, this may be a consequence of heightened uncertainty, while consumption of goods is affected by a slowdown in income growth and possibly the next wave of the pandemic,” says the review. End </p> <p> </p>
2021-10-26
Primepress
EDB review: Belarus GDP growth slowing down to less than 1% in September
MINSK, Oct 25 - PrimePress. The Eurasian Development Bank (EDB) says the growth rate of Belarus’ gross domestic product (GDP) reduced to less than 1% in September 2021 compared to the level of September 2020. This is stated in the EDB weekly review of economic news published on 25 October.
“The Belarusian economy grew by 2.7% year on year in Jan-Sep 2021 (+3% yoy in January-August). In September, GDP growth remained below 1% yoy mainly due to a 13.7% yoy contraction of agricultural production. Strong dynamics remained in the ITC sector, whose gross value added increased by 9.6% year on year in Jan-Sep. Industrial production continued to grow at 2.3% year on year in September, following 3.7% and 2.7% year on year in August and July, respectively,” says the review.
EDB analysts believe the dynamics demonstrated by Belarus’ industrial sector indicate that “the restrictions imposed by some Western countries have not yet had a significant impact on production”. “Investment (minus 9.1% yoy in September) and retail trade turnover (+1.7% yoy) show subdued dynamics. In the former case, this may be a consequence of heightened uncertainty, while consumption of goods is affected by a slowdown in income growth and possibly the next wave of the pandemic,” says the review. End