Page 5 - BELRptJuly18

upwards its GDP growth forecast for Belarus from 0.7% (October's forecast) y/y to 2.8% y/y.
The indicators of the Belarusian economy's performance are improving . Vice President of the European Bank for Reconstruction and Development (EBRD) Pilloux said after meeting with Belarus President Alexander Lukashenko on 7 June. The EBRD vice president said: “As far as performance indicators of the Belarusian economy are concerned, they demonstrate an improvement in a number of areas. I am talking about indicators like economic growth and inflation, which are under control. Two years ago we dropped limitations on our operation in Belarus. It allowed us to considerably step up work on infrastructure projects in the country.”
The Belarusian government expects the GDP growth to reach 4.1% y/y in 2019 , above the expected world's average of 3.9% y/y. According to the economy minister, Minsk is expected that the GDP growth in 2019 will be secured on the back of stable external and domestic demand. According to official data , Belarus' GDP grew by 4.8% year-on-year in January-April, following a 5.1% y/y growth in January-March.
Selected macroeconomic indicators 2014-2019
2014 2015 2016 2017e 2018F 2019F
GDP, at constant market prices 1.7 -3.8 -2.6 1.8 2.1 2.4
Private consumption growth 4.3 -2.4 -3.9 2.5 3.0 3.1
Government consumption growth -1.8 -0.6 0.4 0.4 0.6 1.1
Gross fixed capital formation growth -5.7 -15.5 -16.7 1.1 3.1 3.9
Inflation, annual average % y/y 18.1 13.5 11.8 6.1
Exports of goods and services, % change y/y 4.6 2.1 2.8 4.2 5.0 6.1
5 BELARUS Country Report July 2018 www.intellinews.com