National Bank predicts Belarus’ GDP growth at 1% in Jan-May
<p> MINSK, Apr 19 - PrimePress. The National Bank of Belarus (NBB) has released a forecast, which says that the country’s gross domestic product (GDP) will grow by an estimated 1% in January-May 2021. This was stated by Deputy Head of Economic Analysis at the National Bank Piotr Milevsky during a media breakfast organized by the IPM Research Centre on April 19. </p> <p> </p> <p> Milevsky noted that this forecast is based on the results of the economic situation monitoring, with the National Bank regularly polling about 1.4 thousand companies from various sectors - industry, construction, transport and trade (including hotel and restaurant business). Executives of the companies surveyed also assess their expectations on the timing of production programmes, production output, capacity utilization. The findings of the survey are subsequently analyzed and used to produce a short-term forecast, including the GDP. </p> <p> </p> <p> “Based on the results of the monitoring, we estimate that at the end of five-month period (late May), the GDP will slightly accelerate (in January-March 2021, GDP growth was 0.9% - editor’s note), possibly up to 1%,” Milevskyy said. </p> <p> </p> <p> He noted that in 2020, the National Bank received within the framework of monitoring the worst assessment of the economic situation since 2014, which was caused, first of all, by the consequences of the epidemic situation. “Since the end of 2020, we have seen an improvement trend. But still we are not yet at the zero level. How we interpret it: there is a slowdown in the deterioration of the situation,” Milevsky explained. </p> <p> </p> <p> The majority of survey participants assess the economic situation as unfavourable, noted Milevsky. Belarus’ GDP grew by 0.9% year on year in January-March 2021 to Br36.299 billion ($13.9 billion at the rate of the National Bank of Belarus). Belarus’ GDP declined by 0.9% year on year in 2020 to Br147.006 billion ($56.28bn), the official growth forecast being 2.8%. Belarusian authorities expect 1.8% GDP growth in 2021. End </p>
2021-04-20
Primepress
National Bank predicts Belarus’ GDP growth at 1% in Jan-May
MINSK, Apr 19 - PrimePress. The National Bank of Belarus (NBB) has released a forecast, which says that the country’s gross domestic product (GDP) will grow by an estimated 1% in January-May 2021. This was stated by Deputy Head of Economic Analysis at the National Bank Piotr Milevsky during a media breakfast organized by the IPM Research Centre on April 19.
Milevsky noted that this forecast is based on the results of the economic situation monitoring, with the National Bank regularly polling about 1.4 thousand companies from various sectors - industry, construction, transport and trade (including hotel and restaurant business). Executives of the companies surveyed also assess their expectations on the timing of production programmes, production output, capacity utilization. The findings of the survey are subsequently analyzed and used to produce a short-term forecast, including the GDP.
“Based on the results of the monitoring, we estimate that at the end of five-month period (late May), the GDP will slightly accelerate (in January-March 2021, GDP growth was 0.9% - editor’s note), possibly up to 1%,” Milevskyy said.
He noted that in 2020, the National Bank received within the framework of monitoring the worst assessment of the economic situation since 2014, which was caused, first of all, by the consequences of the epidemic situation. “Since the end of 2020, we have seen an improvement trend. But still we are not yet at the zero level. How we interpret it: there is a slowdown in the deterioration of the situation,” Milevsky explained.
The majority of survey participants assess the economic situation as unfavourable, noted Milevsky. Belarus’ GDP grew by 0.9% year on year in January-March 2021 to Br36.299 billion ($13.9 billion at the rate of the National Bank of Belarus). Belarus’ GDP declined by 0.9% year on year in 2020 to Br147.006 billion ($56.28bn), the official growth forecast being 2.8%. Belarusian authorities expect 1.8% GDP growth in 2021. End