Belarus GDP shows growth for the first time since February 2022

The first estimate of the gross domestic product for January – May 2023 has been made. The GDP amounted to Br79 billion at current prices, or 100.9% in comparable prices compared to January – May 2022.

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The GDP deflator index was 109.2% in January – May 2023 compared to the same period last year. This is how Belstat estimated the dynamics of gross domestic product for January – May.

The last time the growth of the Belarusian economy was recorded in February 2022. Then it was estimated at 1.2% over the same period of 2021. However, the result of the first quarter of 2022 was a decline of GDP by 0.4% compared to January – March 2021. It accelerated further.

The volume of industrial production in Belarus amounted to 73.2 billion rubles at current prices, it increased by 4.1% compared to January – May 2022.

The mining industry recorded an increase of 3.8%, while the manufacturing industry increased by 5.2%. Minimum growth was noted in such industries as water supply; collection, processing and disposal of waste – 0.1%. Supply of electricity, gas, steam and hot water was negative – here the lag from the last year’s level was 2.4%.

The index of industrial production in May was 111.3% against May 2022, and 100.8% against April this year.

It was previously reported that the gross domestic product of Belarus in January – April decreased by 0.6% against the same period of 2022. The decrease in GDP in the first quarter was estimated at 2.1%.

Belarus’ GDP in current prices fell by 4.7% to 191.4 billion in 2022 against the level of 2021.