Belarus’ Ministry of Statistics and Analysis registers growth of major economic indices

In January-August 2008, the Gross Domestic Product of Belarus made up Br78.5 trillion, or 10.6% up in comparable prices over the same period last year, BelTA was told in the Ministry of Statistics and Analysis. In accordance with the social and economic development forecast of Belarus, GDP is projected to increase by 8-9% in 2008. In January-July Belarus’ foreign trade in goods and services swelled by 57.2% in comparison with the same period of last year to $47.8 billion, the Ministry of Statistics and Analysis told BelTA. Belarus’ export went up by 57.4% to reach $23 billion while the import increased by 56.9% to $24.8 billion. In January-July the foreign trade deficit totalled $1,762.1 million (the deficit is expected to make $1.4-1.42 billion in 2008). The deficit of the merchandise trade amounted to $2,819.8 million while the surplus of the foreign trade in services reached $1,057.7 million. The Ministry of Statistics and Analysis attributed the increase in cost values of the foreign trade to rising average prices for exported and imported products. In comparison with January-July 2007 the average export prices went up by 46.7%, average import prices — 33.7%. The actual volume of exports rose by 9%, imports — 18.2%. Export and import operations with intermediate products (energy products, raw materials, components) were the main source of the foreign trade deficit. Belarus imported $18.148 billion worth of intermediate products (70% up on January-July 2007) and exported $15.033 billion worth of intermediate products (70% up). The deficit of the foreign trade in energy products amounted to $1,642.9 million, $816.7 million more than in the same period of 2007. Meanwhile, the foreign trade in investment products has improved. In January-July 2007 the surplus of the foreign trade in investment products went up from $271.8 million registered in January-July 2007 to $560 million in January-July 2008. The rise is attributed to a larger cost value of exported tractors and truck tractors ($305.9 million more), trucks ($139.8 million more), machines and mechanisms for harvesting and threshing agricultural crops ($125.8 million more). Apart from that, Belarus considerably reduced the import of agricultural machines. Over the seven months of 2008, the foreign trade in services hit $3.819 billion which is 35.4% up from the same period of 2007. The export of services rose 37.4% to reach $2.438 billion, the import 32.1% up to $1.38 billion. The nominal average monthly salary in Belarus amounted to Br832.8 thousand in January-July 2008. The average salary in July reached Br923.3 thousand or 3.5% up (Br31000) from June 2008. The specialists noted that in July 2008, the ratio of the nominal average monthly salary to the minimum consumer budget was 265%, to the minimum wage budget 407.6%. In July 2007, these figures were 257.7% and 392.9% correspondingly, the nominal average monthly salary amounted to Br732 thousand. As of September 1, 2008, 42.3 thousand unemployed were registered with the employment assistance service (12.8% down as of September 1, 2007). Over the eight months of 2008, 144 thousand people were assisted to find a job, including 91 thousand of the unemployed (63.1% of all the people that found a job). One of the instruments to solve the unemployment problems is paid public work, organized by the employment assistance service. In August 2008, the retirement pension in Belarus averaged Br389.4 thousand. According to the experts, it is equal to 128.5% of the minimum per capita consumer budget of a pensioner family. In August 2008, the retirement pensions in Belarus paid by social security services were increased.

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