Every successive zero has its own significance
National Statistics Committee releases major economic financial results for first eleven months of 2012, with some surprises
By Kirill Yemelianov
From January-November 2012, the country’s enterprises and organisations earned over a thousand trillion Belarusian Roubles from selling goods and services. “Everything is correct, without error,” stresses the National Statistics Committee. The figure is almost double that seen across the same period of 2011.
The figure has embarrassed economists over which word comes after trillion: trilliard or quadrillion?
“I must admit that I’ve never heard of trilliards being used in the Russian language,” admits the Pro-Rector of the Belarusian State University for Scientific Work, Doctor of Economics, Prof. Alexey Danilchenko. “Such growth may be explained by our rise in manufacturing across various sectors. Moreover, Governmental policy aims to expand exports and enter new foreign markets in Asia, Africa and Latin America, bringing benefits.”
In 2012, output of heavy-duty dump trucks and tyres, other trucks and automobiles, medicines, tractors and TV sets rose on 2011. Profitability of these goods (and services) totalled almost 13 percent while the number of loss-making organisations fell from 546 in 2011 to 495 (around 6 percent).
Despite figures with 15 zeros appearing in official reports, the National Bank is reluctant to change the value of currency. Nadezhda Yermakova, the Chair of the Board of the National Bank, recently noted that there are no plans to ‘throw off zeroes’, as ‘inflation is likely to stand at 12 percent — which is still a high figure’. There’s no need for denomination under such levels of inflation.