Chervyakov: Belarusian economy is growing steadily despite the pandemic and sanctions

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August 9, Minsk. The Belarusian economy is growing steadily despite the pandemic and sanctions . This was stated by Economy Minister Alexander Chervyakov, BelTA has learned.

“Today, the development of our economy is taking place under conditions of a double blow. Firstly, the pandemic continues to affect it. Secondly, the sanctions restrictions of certain Western countries. Nevertheless, the Belarusian economy is growing steadily. In the first half of the year, GDP amounted to 103.3 The largest contribution - more than 80% of the growth - is provided by industry. The volume of production increased by more than 10% compared to last year. It is important that this growth is provided by high-tech and export-oriented products: computer, electronic and optical equipment, products of mechanical engineering, woodworking and pharmaceutics. That is, these are the industries that we staked on and carried out modernization. But most importantly, the strategically correct decision made last year worked - not to stop the economy and continue to work.As a result, production facilities, competencies, personnel were preserved, which became the basis of today's result," said Alexander Chervyakov.

Other industries are also contributing, he said. "This is evidenced by the active recovery of cargo transportation. Rail container transportation alone increased by 40%. Despite flight restrictions from individual countries, by the end of the first half of the year, passenger traffic was fully restored and growth was ensured. This is the result of the implementation of an operational plan to reorient passenger flows," he explained .

The Minister also noted that the main task of agriculture is to ensure food security. In particular, there is an increase in the production of milk, meat and other products, which forms a stable raw material base for the food industry.

In addition, the IT sector is growing steadily. "Its growth is accelerating and exceeded 7% in the first half of the year. The number of enterprises in this area is constantly increasing," the head of the economic department added.

The return of the population to their usual way of life restores consumer demand. "Public catering has grown by almost 20%. Retail turnover has gone into positive dynamics," Alexander Chervyakov stated.

The head of the Ministry of Economy stressed that the construction of housing with state support for large families is being carried out at a faster pace. For half a year, more than 60% of the annual target was introduced.

"It is important to note that economic growth in the country is provided on a qualitative and balanced basis. The main indicator of efficiency - the net profit of organizations exceeded the level of last year by 3.7 times," he said.

In foreign trade, exports of goods and services increased by a third. “In addition, more than $4 billion of export earnings were received. The foreign trade balance amounted to plus $1.250 billion. This is the best indicator over the past 8 years. Moreover, it has grown in all groups of goods without exception. by 2.2 times, food products - by 11%, etc.," the Minister of Economy explained.

"The export of services is growing at a high pace - 114%. The main contribution is made by transport and the IT sector. All this indicates that we have not only maintained stability in the external sector, but also further strengthened our positions in key markets. Thus, for six months of this year, exports to Russia increased by 20% to $ 7.4 billion. The Chinese market is rapidly opening up for us . In this direction, exports increased by 30%. Here, the governments of the two countries are working towards removing trade barriers and simplifying trade procedures. Also actively work is underway to diversify exports," the head of the ministry said.

Stable situation in the labor market. "The unemployment rate was 3.9%. This is two times less than the threshold value according to the methodology of the international labor organization. Belarus continues to maintain its position among countries with low unemployment," Alexander Chervyakov noted.

The results of the economy are reflected in the level of wages. "Its nominal amount in June amounted to Br1433. This is more than 14% higher than the same period last year. At the same time, the wages of public sector employees consistently exceed 80% of the average salary in the country. Pensions and benefits are paid in full," he said.

"Belarus continues to be a reliable partner - all state external obligations have been serviced. Thus, budgetary stability and social stability are maintained," the minister stressed. The government is mobilizing all forces to reduce this influence."