Belarus GDP Growth Slows to 1.9 Percent in First Eight Months
Belarusian economic expansion decelerated in the first eight months of the year, with GDP growth falling below the official annual target.
Belarus’s gross domestic product grew by 1.9 percent in comparable prices from January to August. This figure represents a slowdown from the 2.1 percent growth recorded after the first seven months. The economy contracted during the first quarter of the year before recovering in the summer.
Total GDP reached 209.1 billion rubles over the eight-month period. The official socio-economic forecast approved by President Lukashenka projects annual growth of 2.8 percent. Labor productivity measured by GDP increased by 1.6 percent to 43,180.1 rubles in the first seven months.
Agricultural output declines in August
Agricultural production across all farm categories fell by 6.4 percent year-on-year in August. Output in agricultural organizations decreased by 2.5 percent to 4.5 billion rubles. The monthly drop was attributed to shifts in the timing of the harvesting campaign.
Over the first eight months, agricultural production increased by 6.5 percent to 25.54 billion rubles. Livestock and poultry production grew by 5.3 percent to 1.24 million tonnes. Milk production rose by 2.8 percent to 6.23 million tonnes.
Grain and leguminous crop harvesting reached 7.516 million tonnes by September 1. This amount is 3 percent lower than the total harvested in the same period last year. The sector remains a key driver of the country’s export earnings.
Industrial and investment activity remains modest
Industrial output grew by 0.9 percent year-on-year in August. Total industrial production increased by 0.2 percent to 146.04 billion rubles in the first eight months. Investment in fixed assets rose by 3.1 percent to 36.86 billion rubles.
Industrial inventories stood at 11.025 billion rubles as of September 1. This level represents 75.9 percent of the average monthly production volume. The inventory ratio decreased by 3.2 percentage points compared to the previous month.
Housing construction faces significant contraction
Housing completions decreased by 11.6 percent to 2.05 million square meters in the first eight months. Construction of state-supported housing fell by 36 percent to 274,900 square meters. Only 21,300 square meters of state-supported housing was completed in August alone.
Retail turnover increased by 8.4 percent to 75.5 billion rubles over the eight-month period. Wholesale turnover rose by 0.2 percent to 121.06 billion rubles. Data from GN markets/growth indicates that consumer spending continues to outpace industrial production growth.
