Belarusian economy keeps recovering in Q1 2023

Yuri Chebotar. Photo courtesy of the Economy Ministry

MINSK, 14 April (BelTA) – Economic dynamics remains recovering in the first quarter of the year. Belarusian First Deputy Economy Minister Yuri Chebotar mentioned it at a session of the national council for labor and social affairs on 14 April, BelTA has learned.

Yuri Chebotar remarked that the economy works steadily despite the pressure of Western sanctions. In his words, Belarus’ foreign trade surplus remains in place this year. It allows keeping the forex market stable. The realization of the president’s instruction has helped slow down price growth. In March 2023 inflation totaled 6% year-on-year, nearly two times down from February 2023. Social commitments of the state are honored in full. The unemployment rate remains at a record low of 3.6%. “We expect real salary growth across the country to reach positive figures at the end of the quarter,” the official said.

In his words, the economic dynamics remained expressly recovering in the first quarter of the year. The manufacturing sector keeps growing fast. It increased by 1.8% in Q1 2023 already. The ratio of the stock in storage to the output volume dropped considerably in March. Agriculture keeps showing high growth rate – 103%. There is also positive dynamics in civil engineering. Improving the competitive ability of Belarusian products remains a most important issue. It can be accomplished by fulfilling investment tasks. “With this in mind we are fulfilling the head of state’s instruction to implement one investment project per district. Apart from that, 51 import-substituting projects are being implemented,” the first deputy economy minister said.

Yuri Chebotar said that the realization of the existing plans will allow improving labor productivity and respectively the prosperity of the population.


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