«We saw recovery economic development in the second quarter. Each month shows an increase in the growth rate of gross domestic product. In January-July it rose by 2.1%, which was up by 0.6%. In July the growth rate was 5.4%. This is an impressive result, but we are focusing on the qualitative parameters of economic growth. For instance, real incomes rose by 8%, which is above the forecast levels; investments were also up, by 4%. The investment of our enterprises in machinery and equipment is growing, i.e. new machine tools that add to the quality and speed of production,» Yuri Chebotar said.
Exports have been growing too, both in terms of physical volumes and price parameters. There is a reorientation towards geographically distant countries, Asia, and the CIS countries, the minister added. The tasks set both in the target plan and in the forecast are being implemented. In industry, attention is focused on productivity, quality, and efficiency, with industrial production growth at 0.1%. The main thing is that profitability and profit margins are rising, which provides opportunities for investment and further development.
«Russia is our number one trading partner, but, of course, we are more concerned with investment cooperation. Together with colleagues from the Ministry of Economic Development of the Russian Federation, we are finalizing preparations for activities under the Union State guidelines for the next three years. There is both an investment and integration agenda and also project implementation, market access, removal of remaining barriers, and so on. Exports to the Russian Federation were up 20% across all product groups, mainly food products,» Yuri Chebotar added.
According to him, a decision has already been made that Union State goods will be credited through appropriate compensation mechanisms. He is confident that Russian colleagues will make similar decisions, and this will add stability to the relations.
Yuri Chebotar also emphasized that there is a recovery trend in foreign investment. Investors have confidence in the Belarusian institutions. The main sectors for investment are industry, trade, and the banking sector.
«While working on the draft forecast documents for 2027, we are considering very high turbulence in foreign trade and the economies of our main trading partners. In such changing and dynamic environment, the construction of rental housing, roads, the real sector of the economy, and investment, including our regional initiative, will create an appropriate foundation for fulfilling the tasks,» the minister said.
