Alexander Lukashenko to assess Belarus’ economic performance in January-September 2009

MINSK, 30 October (BelTA) – President of Belarus Alexander Lukashenko will hold a meeting to assess social and economic development of Belarus in January-September 2009 and discuss draft targets of the country’s social and economic development, budget and monetary policy for 2010 on 30 October, BelTA learnt from the presidential press service.

In January-September 2009 the GDP index stood at 99.7% as against the same period in 2008 (projected at 110 -112%). The fiscal revenues made up Br33.2 trillion or 71.2% of the projections for 2009. Budget expenditures made up Br32 trillion. The targets set for January-September 2009 were met except for the contributions to innovation funds. Salaries, pensions, welfare benefits, educational maintenance allowances and other money payments to the population were paid in full.

In January-September all national debt obligations were fulfilled in full. As of 1 October the external public debt was posted at $6.191 billion (the limit approved by the law on budget is $8 billion); it grew by $2.472 billion over the nine months 2009. As of 1 October, the internal debt made up Br23.5 trillion (17.5% of the GDP); up Br4.2 trillion since January 2009.

Over this period the industrial output increased only in the chemical, petrochemical, fuel and food industries. The projections for 2009 related to the manufacturing production growth in January-September 2009 were generally not fulfilled (except for the Belneftekhim concern).

The profitability of the sold products (works and services) made up 10.4%. In January-September this year, the investments in fixed assets grew by 14.5%, while the target was 23-25%.

The foreign trade in goods and services made up $34.1 billion including $15.3 billion of export. In the period under review, Belarus had a deficit in foreign trade at the amount of almost $3.6 billion. It was attributed to the market slump, business decline, a fall in the demand for Belarus’ major exports. All these problems have caused a decrease in exports and a drop in average prices for the Belarusian goods.

The Government constantly monitors the issues related to the balance of foreign trade, optimization of import, increase and diversification of export supplies. The Government takes measures aimed at restoring the positive dynamics of the foreign trade. The Government has settled the problems related to the creation of the export support system using the mechanism of leasing, concessional lending and insurance. Belarusian companies explore new sales markets, increase the production of import-substituting goods. The anti-crisis measures have started to produce certain results. Despite the significant drop in trade and export compared with 2008, the export has been growing on a monthly basis.