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Belarus' GDP Fell By 1.3% In January-August

Belarus' GDP Fell By 1.3% In January-August

The economy of Belarus in January-August of this year decreased by 1.3% compared to the same period last year, the National Statistical Committee of the Republic (Belstat) reported on Tuesday.

"The first estimate of the gross domestic product for January-August 2020 was made. The volume of GDP at current prices amounted to 93 billion Belarusian rubles (about 36 billion dollars at the current exchange rate), or in comparable prices 98.7% compared to the level of January–August 2019," the report on the Belstat website says.

According to the Ministry, the GDP deflator index in January-August of this year compared to the same period of the previous year was 111.5%.

In 2019, Belarus' GDP grew by 1.2%. In May, the country's Economy Minister Alexander Chervyakov said that the authorities expect to prevent a reduction in GDP by the end of this year in the context of the COVID-19 coronavirus pandemic. In August, First Deputy Prime Minister Nikolai Snopkov said that there are no prerequisites to expect a decline in the country's GDP this year compared to 2019.

According to the basic macroeconomic scenario, the growth of the Republic's economy this year was planned at the level of 2.8%. At the same time, a budget, conservative scenario, was also formed, which assumed GDP growth at the end of the year by 1.9%.

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