Economic statistics - 2024: how indicators of GDP, trade, incomes of the population in Belarus changed in first half of the year

The Belarusian economy in 2024 is on a rise. Belstat published economic statistics for the first half of the year. As a result, 4 out of 5 key indicators are ahead of the pace.

Gross domestic product has grown significantly - by 5% for six months. By the way, it is higher than the world rates. The volume in current prices amounted to 114 billion Belarusian rubles.

The drivers are traditional. First of all, it is industrial production. During the half-year, it has maintained a monthly rate of not less than 7%. At the end of six months, the result is slightly above 7%.

Another driver is trade. The growth of real incomes of the population (about 10%) and available loans support high consumer demand. Retail added over 11%. Agriculture is also in the lead - for the half-year the growth amounted to more than 10%. The most popular indicator is also within the forecast. The annual inflation in June remained at 5.8%.

Andrei Kartun, First Deputy Minister of Economy of Belarus:

As far as the inflation targets are concerned, we do not see any significant risks in terms of overheating of the economy so far. Yes, there are certain issues, we can discuss the fact that we have a large growth of real wages, which may overhang inflation. But so far we see that the growth rate of real wages, which is still in place, has essentially covered the decline in real incomes in 2021-2022.