Economy Ministry: despite sanctions pressure, Belarus’ economy has been developing dynamically in 2022

Despite the sanctions pressure, the Belarusian economy has been developing dynamically – as stated by Deputy Economy Minister Dmitry Yaroshevich, commenting on the results of the work of the Belarusian economy in 2022. According to him, the GDP stood at the level of 95.3 percent.

“Despite the sanctions pressure, this figure has been maintained. It hasn’t changed in recent months. For the last four months, the industry has been positive, especially our flagships. According to our estimates, the growth rate of industrial production amounted to 108 percent per year.”

According to Deputy Economy Minister, food industry and woodworking enterprises worked well.

“In general, the result could have been better, but we you look in particular, a lot of our main traditional industries have worked positively. We were pleased with agriculture, demonstrating the growth rate of 103.6 percent. In general, the economy has performed well,” he added.

Dmitry Yaroshevich also noted that last year the task of commissioning housing was completed, “4 million 226 thousand square metres of total housing area have been commissioned. The annual target was 4.2 million square meters. We’ve gone over a little. We will continue to fulfil our social obligations.”

The official said that the year ended well in terms of financial performance, “Profitability of sales in the economy amounted to 8.9 percent, the share of unprofitable companies decreased, the debt burden on enterprises dropped. As far as exports are concerned, by the end of the year we expect to supply products worth $8bn in equivalent. The foreign trade balance exceeded $4.7bn.”

Speaking about the plans for this year, the Deputy Economy Minister assured that all the necessary conditions had already been formed in order to meet the 3.8 percent GDP growth parameter, set by the Head of State.