BELARUSIAN ECONOMY & TRADE

The GDP of Belarus in 2004 is 15,7% higher than in 1990. In fact, this is the best result among all CIS-states, Deputy Economy Minister Tatiana Starchenko informed. The GDP increase in 2004 against that in 1990 in Kazakhstan accounted for 103,4%, Armenia – 105%, Russia – 84,8%, Ukraine – 59,7% and Moldova – 45,2%.

In the dollar equivalent the GDP of Belarus increased from $10,5bln in 1995 to $22,5bln in 2004. The monetary-credit sphere has also been significantly improved. The level of devaluation of the national Belarusian currency against the US dollar has been reduced from 270% in 2000 to 1% in 2004, while the inflation rate in 2004 averaged to 1,1% per month. The confidence in the national currency has been improved and the growth in the amount of deposits of population and legal entities in the Belarusian banks bears witness to the above-mentioned fact.

Actual incomes of the population grew more than 2,7 times over 1996-2004 and the wages in the national economy reached the equivalent of $200 per month. Among the CIS participating states only Russia and Kazakhstan are ahead of Belarus with the average wages equaling $249,5 and $222 respectively. In Ukraine at the end of 2004 the average wage was $121,3, in Azerbaijan - $105, in Moldova - $97.

These high results were achieved due to the consistent macroeconomic policy and coordination of all bodies of the state management. At the same time, the Deputy Economy Minister thinks that it's high time for using competitive advantages of the country, namely high human and sci-tech potentials. Therefore an all-round harmonious human development based on the increase in incomes, qualitative improvement of healthcare, educational and cultural systems, housing construction and services are the priority areas of the country’s economy for the next few years, Tatiana Starchenko emphasized.

22/03/2005

BELARUSIAN INDUSTRIAL ENTERPRISES INCREASE EXPORTS TO NON-CIS STATES BY 40.2%

(on the information from Interfax)

In January 2005 Belarusian companies boosted the exports to the courtiers outside the Commonwealth of Independent States by 40.2% against the same period last year to $78.5 million, informed the Head of the Department of Foreign Affairs of the Ministry of Industry of Belarus Niklai Starodynov.

January imports hiked 62.2% to $35.8 million, surplus reaching $42.7 million.

The period’s biggest commodity turnover fell on Germany - $8.2 million worth of produce (a 87% increase), imports - $8.1 million (54% up). For the first time in five years Belarus has gained positive balance in trade with Germany.

The exports of the enterprises of the Ministry of Industry of Belarus to Poland made $4.5 million (2% up), imports - $4.1 million (31% up), to Italy - $4.6 million (56% up) and $1.1 million (5% down) correspondingly.

This January saw a 4.7-fold hike in the exports to the USA to $5.8 million, imports making $356 thousand (25% down).

The commodity turnover in trade with the United Kingdom skyrocketed, as exports grew 14 times to $4.6 million, imports – 2.7 times to $2.2 million.

21/03/2005

BELARUSIAN BANKS BOOST NET ASSETS 0.8% IN JANUARY-FEBRUARY 2005

(on the information from Interfax)

Belarusian banks saw their net assets grow by 0.8% in January-February 2005, totalling BYR 7.559 trillion, says a statistical report of the National Bank of Belarus.

In January-February 2005 the net foreign assets of the Belarusian banks shrank 38.4% to minus $222.5 million, net domestic assets totalling BYR 8.04 trillion (2.4% up), as of March 1.

The Belarusian banks increased the overall volume of their combined credit portfolio by 2.8% to the equivalent of BYR 10.195 trillion.

Since early 2005 the volume of BYR loans issued by Belarusian banks has grown 2.8% to BYR 5.714 trillion, while their share in the total of loans made 56% as of March 1, remaining unchanged since early this year.

The share of problem loans of Belarusian banks stood at 3.56% as against 2.9% in early 2005.

As of March 1 2004, the registered statutory fund of the Belarusian banks amounted to BYR 2.161 trillion, remaining unchanged since early this year. The equity capital of the Belarusian banks went 15% up to BYR 3 trillion, as of March 1 2005.

BYR deposits grew 3% to BYR 4.067 trillion, including deposits of individuals – BYR 2.634 trillion (12.6% up), institutions – BYR 1.433 trillion (11% down).

The foreign currency deposits shrank 0.8% to the equivalent of BYR 3.399 trillion, including deposits placed by individuals – BYR 1.798 trillion million (4.3 down), institutions – BYR 1.601 (3.5% up).

The after-tax profit of the Belarusian banks in January-February 2005 totalled BYR 29.5 billion, 15.7% up on 2004. Gross revenues of banks in January-February made BYR 511.3 billion, expenditures – BYR 481.7 billion (respectively 27.9% and 28.7% up on year).

18/03/2005

BELARUS ECONOMY EXPANDS 9.7% IN JANUARY-FEBRUARY

(on the information from Interfax)

The gross domestic product (GDP) of Belarus made BYR 7.7 trillion in real prices in January-February 2005, growing 9.7% on the year, according to the information of the Ministry of Statistics and Analysis of Belarus.

In January-February the specific weight of industrial added value in the GDP made 31.5%, agricultural added value – 2.5%, construction industry added value – 5.1%, transport and communications added value – 11.6%, trade and catering industry added value – 10.2%.

The industrial production output in January-February 2005 made BYR 8.7 trillion, 11.6% up on the year.

Over the period in question fuel industry output surged by 22.6% against January-February 2004, ferrous metallurgy – 11.8%, timber, woodworking, pulp and paper industry – 10.1%, food industry – 11.8%, construction materials industry – 17.1%, mechanical engineering and metal-working industry – 16.3%, chemical and petrochemical industry – 5.5%, light industry – 4.7%. Power engineering faced a 5.3% reduction of output.

Belarusian industrial companies increased production volumes of 307 out of the 610 most important types of produce in January-February 2005. As many as 1,505 companies (75% of their total number) increased production volumes, while 464 enterprises (23.1%) reduced production volumes.

As many as 646 companies revealed a 20% and higher increase in production output, at 277 companies the figure dropped by 20% and more.

17/03/2005

BELARUS PRODUCES 42.3% SURPLUS IN FOREIGN TRADE IN SERVICES IN JANUARY 2005

(on the information from Interfax)

Belarus posted a 42.3% surplus in foreign trade in services in January, which totalled $72 million, informed the Foreign Ministry of Belarus .

In January 2005 Belarus exported services worth $146.5 million, 21.6% up on January 2004. Export of services to the CIS states went up 13.9% to $41.9 million, non-CIS states - amounted to $104.6 million (25% up).

The CIS states account for 28.6% of the Belarusian export of services, including Russia – 20.3%, non-CIS states – 71.4%.

Transport services accounted for the major bulk of exports – 69.9% - totalling $102.4 million (28.9% up on January 2004). The exports of communications services grew 3.2% to reach $6.1 million.

The Ministry for Foreign Affairs of Belarus, the import of services made $74.5 million in January 2005, which is 6.6% up, including imports from the CIS countries - $32.7 million (4.1% down), other countries - $41.8 million (16.8% down).

The CIS countries account for 43.9% of the Belarusian import of services, including Russia – 28.3%, countries outside the CIS – 56.1%.

Trip, transport, business, and communications services make the bulk of imported services – over 84.8% of all services imported by Belarus.

The Ministry for Foreign Affairs of Belarus informed, that Belarus’ foreign trade turnover in services totalled $221 million over the period in question, 16.1% up on January 2005.

BELARUS GROWS NET FOREIGN ASSETS 17.5% IN JANUARY-FEBRUARY 2005

(on the information from Interfax)

The value of Belarus’ net foreign assets totalled $1,014 million as of March 1 2005, marking a 17.5% increase against December 2004, says a statistical report of the National Bank of Belarus.

In February 2005 net foreign assets grew 28% after a 4.3% drop in January.

The increase in net foreign assets was prompted by a 13% increase in gross foreign assets to $1.071 billion along with a 32.3% decrease in gross foreign liabilities to $57.5 million.

The NBB report mentions, the volume of net foreign assets accumulated in freely convertible currencies totalled $1.005 billion as of March 1 2005, 17.1% down over January-February.

The share of soft currencies was equal to an equivalent of $9.1 million as of March 1 2005, growing twofold since early 2005.

The value of Belarus’ net foreign assets totalled $862.8 million as of January 1 2005, marking a 43.5% increase against 2003.

12/03/2005

GDP OF BELARUS INCREASES IN JANUARY-FEBRUARY

(on the information from Interfax)

In January-February 2005, the gross domestic product (GDP) of Belarus grew 9.7% on the year, reports the Ministry for Statistics and Analysis.

Over the period in question industrial output went up 11.6%, agricultural – 12.2%.

Fixed-capital investments grew 23.4% on the year.

The output of consumer goods increased by 10.2%, including foods – 10.3%, non-foods – 10.1%. The growth of retail trade made 18.3%, for-fee services – 11.7%.

In January-February 2005, foreign trade (including trade in services) went up by 15.4% on the year, export – 20.5%, import – 9.7%.

In January the profit rate of sales of industrial products totalled 15.4%.

The government has set this year’s GDP growth target at 8.5-10%.

The IMF expects Belarus’ GDP to grow 5.5% in 2005.

In 2004 Belarus’ economy expanded 11% against a 6.8% rise in 2003.

09/03/2005

Mozyr Oil Refinery boosts oil processsing in february

(on the information from Interfax)

Mozyr Oil Refinery (MOR) OJSC has increased the volume of oil processed by 22.9% against the same period last year to 1,617.2 thousand tons.

The enterprise refined 760 thousand tons of oil (12.2% up on year).

Within the period in question they produced 380.3 thousand tons of car petrol (71.7% up), 473 thousand tons of diesel oil (21.2% up), 515.8 thousand tons of mazut (109%), 51 thousand tons of furnace oil (91%).

Within the first two months of the ear commodity output of Mozyr Oil Refinery made BYR 657 billion (24.5% up on year).

Mozyr Oil Refinery was commissioned in 1975. It has been part of Slavneft company since 1994. MOR shareholders are the Belarusian government (42.7% of the shares) and Slavneft company (42.5%), with the rest of the shares owned by individuals and company employees.

In January 2005 MOR increased oil processing 34.3% in January 2005 to compare with January 2004 bringing the total to 857,000 tons.

In 2004 MOR refined 9.62 million tons of oil, 26.3% up against 2003.

01/03/2005

BELARUSIAN FEAs BOOST EXPORTS IN 2004

(on the information from Interfax)

In 2004 residents of Belarusian free economic areas raised their exports 1.6 times to compare with 2003 to a total of $485.5 million, the Ministry of Statistics and Analysis informed.

The CIS countries took 92.2% of exports ($451.2 million), the lion’s share falling on Russia. The source specified, last year FEA residents exported to Russia $425.3 million worth of goods, which accounts for 94.3% of the total exports to the CIS.

According to the ministry, the major bulk of exports fell on furniture (20.5%), ready-made and canned fish products (9.1%), sausages and canned meat (9%), packing devices made of non-precious metals (4.6%), refrigerators, deep freezers and chilling equipment (4.4%), shipping containers and plastic packs (2.5%), chocolate (2.3%), insulated wires and cables (2%).

Most of the FEA import comes from non-CIS states. In 2004 Belarusian FEA residents imported $493.2 million worth of commodities, including $392.7 million (79.6%) from non-CIS countries.

Most of the import fell on high-tech equipment (18.6%), aluminium goods (7.4%), plastic (6.3%), ribwood and fibrewood (4.9%), goods made of ferrous metals (4.2%).

Last year the total output of Belarusian free economic areas grew by 49.2% to BYR 1,249.7 billion. The profitability of sales made 17.3%. In 2004 the profit of Belarusian FEA residents increased 1.6 times against 2003. Last year they also paid 1.6 times more taxes than the year before.

As of January 1 2005 the total volume of foreign investments in Belarusian FEA reached $160.4 million (without resident banks), 32.1% of which came from contributions to statutory funds. FEA Minsk residents attracted $50.2 million of foreign investments, FEA Brest - $50.9 million, FEA Gomel-Raton - $26.7 million, FEA Vitebsk - $19.2 million, FEA Grodnoinvest - $3.6 million, FEA Mogilev - $9.8 million.

As of January 1 2005 Belarusian free economic areas counted 284 registered residents. The figure has remained unchanged since January 2004. 275 of the residents (96.8%) are functioning.

28/02/2005

RETAIL TRADE TURNOVER GROWS IN JANUARY

(on the information from Interfax)

In January 2005, retail sales in Belarus, including public catering, went up 12.1% on the year to BYR 1.6 trillion, the Ministry for Statistics and Analysis informed.

The 2005 forecast says retail trade turnover is supposed to expand by 13-14%, Q1 2 – 11%.

In January 2005, food sales totalled BYR 951 billion (13.9% up on the year), non-food sales were 30.3% up to BYR 682.6 billion.

The share of state companies in the retail trade made 17.2%, private – 80.9%, foreign – 1.9%.

In January 2005, retail turnover was mostly formed by trade enterprises (66%), individual entrepreneurs (34%).

The retail turnover of trade enterprises (including public catering) made BYR 1,073.5 billion (19.5% up against January 2004).

In January 2005 foodstuffs accounted for 58% of the retail sales volume, non-foods – 42% (January 2004 – 60%, 40% respectively).

Belarusian-made products account for 79.3% of the retail trade turnover, including foodstuffs – 86.5%, non-foods – 67.5%.

As of February 1 2005, retail stock amounted to BYR 1,251.4 billion, enough to cover 40 days of trading, taking into account the average daily sales volume in January 2005.

23/02/2005

STATS MINISTRY SAYS BELARUS’ INFLATION AT 0.5% IN FEBRUARY 1-14

MINSK, Feb 22 (Prime-Tass) -- Belarus’ consumer price index (CPI) went up 0.5% in February 1-14 against a 0.4% increase in the same period in January, an official with Belarusian Statistics Ministry told Prime-Tass Tuesday.

According to the government’s forecast, the country’s CPI is expected to increase 1% on the month in February, following a rise of 0.7% on the month in January.

CPI rose 1.2% from January 1.

According to the government’s forecast, Belarus’ CPI rise in 2005 is not to exceed an average of 0.8% per month or 10% per year. In 2004, Belarus’ CPI increased 14.4% on the year, an average of 1.1% per month.

22/02/2005

BELARUS BOOSTS FIXED-CAPITAL INVESTMENTS IN JANUARY 2005

(on the information from Interfax)

Belarus’ investments in fixed capital and construction in January 2005 increased 33.1% to compare to January 2004 to BYR 605.1 billion.

Belarus’ capital investments are expected to rise 15.5-17.5% on the year in 2004.

Of the total amount of investments, industrial projects accounted for BYR 380.4 billion, 137.7% to compare with the same period last year. Their share in the total of investments made 62.9% (against 57.5% in January 2004).

Social projects accounted for BYR 224.7 billion, up 124.7% on the year.

In 2004 construction works amounted to BYR 279.8 billion, 21.2% up in comparable prices.

The share of state investments totalled 48.8% in the total volume of fixed-capital investments in January 2005, or BYR 295.3 billion in comparable prices (130.6%).

Private investments made 50% or BYR 302.4 billion, growing by 37.1% on year. The share of foreign investments made 1.2% or BYR 7.4 billion in current prices. The figure went up 5.2%.

Of this amount, companies’ own funds including loans accounted for BYR 283.9 billion, 46.9% in the total amount.

Individuals’ funds, including loans, stood at BYR 71.3 billion (11.8%); local budget funds accounted for BYR 62.4 billion (10.3%), while state budget funds amounted to BYR 52 billion (8.6%).

Foreign loans and investments amounted to BYR 32.3 billion (5.3%).

21/02/2005

PRODUCTION GROWTH EXPANDS BY 13.3% IN JANUARY

(on the information from Interfax)

Belarus’ industrial output shot up by 13.3% in January 2005 bringing the total to BYR 4.4 trillion against January 2004, according to the information of the Ministry of Statistics and Analysis of Belarus.

Over the period in question, Belarus saw the highest increase in industrial production in the following sectors: fuel industry (26.1%), construction materials industry (24.6%), mechanical engineering and metal working (16%), food industry (14.1%), ferrous metallurgy (12.6%), forest, wood processing and pulp-and-paper industry (12%) and chemical and petrochemical industries (8%). Power engineering narrowed its output by 2.2%, while light industry upped by 4.4%.

In January 2005 Belarus generated 2.8 billion kWh of electricity, 4.5% up on January 2005. Oil production level went up 0.9% to 151,600 tons. The output of petrol went up 70.6% to 278,300 tons, diesel fuel – 18.5% to 514,500 tons.

The output of mineral fertilizers increased 15.8% to 594,300 tons, trucks – 1.6 thousand (1.8% up), buses – 73 items (30.4% up), refrigerators and freezers – 78.9 thousand (0.6% up), paper – 4.6 thousand tons (0.2% down), cement – 170.9 thousand tons (68.7% up). The output of fabrics went up 4.7% to 23.5 million square meters, footwear – 1.9% up to 9,202 thousand pairs.

The output of bread made 587,000 tons (18.6% down), vodka and liquors – 48,100 thousand decalitres (4.9% down).

10/02/2005

PM says Belarus’ GDP grew 10.4% on year in January

MINSK, Feb 10 (Prime-Tass) -- Belarus’ gross domestic product (GDP) grew 10.4% on the year in January, Belarus’ Prime Minister Sergei Sidorsky said during a meeting with President Alexander Lukashenko Thursday.

Industrial output rose 13% on the year in the period, and agricultural output increased 12.7%. “All industrial programs have been carried out in full,” Sidorsky said.

According to preliminary data, inflation rose 0.8% on the month in January, Sidorsky said.

Sidorsky also reported to Lukashenko that the government had taken due measures to settle the problems caused by the new VAT collection procedure earlier this year. “The largest companies of the country, including oil and woodworking sectors, managed to reach the planned supplies volumes,” the premier said.

Belarus GDP growth in 2005 is expected at 8.5-10% on the year to 58.5-59.9 trillion Belarusian rubles, while GDP’s energy capacity is to decrease 5-6% on the year.

Industrial output is to rise 8-9.5% in 2005, agriculture output is to increase 8-9.5%, and consumer goods production is to rise 9.5-11%. Capital investments are to go up 15.5-17.5% on the year in 2005 to 13.5-14.3 trillion Belarusian rubles. End (2,169 Belarusian rubles - U.S. $1)

Belarus’ govt wants corporate institutions to lead country’s devt

MINSK, Feb 10 (Prime-Tass) -- The Belarusian government believes corporate institutions should play a more active role in the social and economic development of the country, Deputy Economy Minister Andrei Tur told a seminar for corporate institutions Thursday.

“The government wants corporate institutions not only to participate more actively in the development of the national economy, but also to lead the expansion process,” Tur said.

According to him, the government has set an ambitious annual economic growth target of 8-10% in 2006-2010.

“It will be very hard, if at all possible, for the existing economic structure, and first of all the real sector of economy to reach this target,” Tur said, adding that the share of the real sector of economy [production] should be at 3.5-5.5% of the planned 8-10% rise. The rest of the increase should be due to the services sector, and other elements connected with the promotion of goods on the domestic, and most importantly, foreign markets, the deputy minister said.

Tur also noted the necessity to create corporate institutions abroad to promote goods both from Belarus and other countries.

“We cannot do without the foreign market, and since corporate institutions appear to be most mobile, they have to learn to trade services,” Tur said.

The Belarusian government and the National Bank of Belarus (NBB) considered three possible scenarios of the country’s economic development for 2006-2010 at a joint meeting Tuesday.

The passive scenario envisages the GDP growth in 2006-2010 at 6-7%, the realistic scenario at 7.5-8.5% and the optimistic one at 10%. All scenarios expect the Belarusian ruble to fall to 2,760 against the U.S. dollar in 2010, down from the expected 2,200-2,300 in 2005.

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GDP of Belarus in 2004 Is 15,7% Higher Than in 1990

BELARUSIAN INDUSTRIAL ENTERPRISES INCREASE EXPORTS TO NON-CIS STATES BY 40.2%

BELARUSIAN BANKS BOOST NET ASSETS 0.8% IN JANUARY-FEBRUARY 2005

BELARUS ECONOMY EXPANDS 9.7% IN JANUARY-FEBRUARY

BELARUS PRODUCES 42.3% SURPLUS IN FOREIGN TRADE IN SERVICES IN JANUARY 2005

BELARUS GROWS NET FOREIGN ASSETS 17.5% IN JANUARY-FEBRUARY 2005

GDP OF BELARUS INCREASES IN JANUARY-FEBRUARY

Mozyr Oil Refinery boosts oil processsing in february

BELARUSIAN FEAs BOOST EXPORTS IN 2004

RETAIL TRADE TURNOVER GROWS IN JANUARY

STATS MINISTRY SAYS BELARUS’ INFLATION AT 0.5% IN FEBRUARY 1-14

BELARUS BOOSTS FIXED-CAPITAL INVESTMENTS IN JANUARY 2005

PRODUCTION GROWTH EXPANDS BY 13.3% IN JANUARY

PM says Belarus’ GDP grew 10.4% on year in January

Belarus’ govt wants corporate institutions to lead country’s devt