Chebotar: Belarus’ economic dynamics in Q1 boasts obvious recovery character

Belarus’ First Deputy Economy Minister Yuri Chebotar, speaking at a meeting of the National Council for Labour and Social Affairs, said that the economic dynamics in Q1 2023 retained a recovery character – as reported in the Economy Ministry’s press service

Yuri Chebotar noted that despite the sanctions pressure, the economy is working steadily, “This year, the trend towards a surplus in foreign trade continues, enabling us to maintain the stability of the foreign exchange market. The implementation of the President’s order contributed to the slowdown in price growth. Inflation in March amounted to 6 percent in annual terms, having almost halved compared to February. The social obligations of the state are fully implemented. Unemployment is at a record low of 3.6 percent. Based on Q1 results, we predict that real wages in the country will reach positive values.”

According to him, the economic dynamics in Q1 has an obvious recovery character.

“The industry is growing at a steady pace. According to Q1 results, it has already reached an increase of 1.8 percent. In March, the stock-to-production ratio dropped significantly. High growth rates are also maintained by agriculture: 103 percent. Positive dynamics is observed in construction. The most important issue is to increase the competitiveness of domestic products which can be ensured by implementing the tasks in the investment sphere. To do this, we are fulfilling the ‘one district – one project’ instruction of the Head of State. Moreover, 51 import-substituting projects are being currently implemented,” the First Deputy Minister said.

He stressed that the implementation of the plans outlined will increase labour productivity, and, accordingly, the level of well-being of the population.