Page 12 - BELRptOct18

4.0 Real Economy
Belarus - Main Macro Indicators 2011 2012 2013 2014 2015 2016 2017*
Annual GDP (y/y)
5.54 1.73 1.07 1.59 -3.9 -2.8 2
GDP (per capita) 6,306 6,722 7,722 8,040 5,949 5,023 /
Nominal GDP, (USD mn) 62,929 65,611 75,389 78,594 56,503 47,836 54,381
Nominal GDP growth (annual 76.5 88.6 22.9 15.8 12.1 5.7 10.6 average), %
GDP: Final consumption expenditure, 39,417 39,698 48,603 51,961 (USD mn)
40,003
35,479
18,208 (Jan-Jun)
GDP: Gross fixed investment capital 22,372 21,342 27,376 26,004 formation, (USD mn)
16,091
12,192
8,873 (Jan-Sep)
Source: CEIC
4.1 Industrial production
Belarus' industrial output increased by 7.8% year-on-year in January-June, according to the national statistics agency Belstat.
The result was mainly attributed to a growth in the nation's processing industry (a 10.2% y/y jump) and mining industry (a 3.7% y/y growth), while production of electricity, natural gas, steam, hot water, and conditioned air went up by 5.8% y/y in the first half of 2018.
The industrial output growth in water supply, waste collection, processing and recycling, and pollution cleanup totalled 0.5% y/y in January-June.
According to official data, the country's GDP grew by 4.5% y/y in January-June, following a 4.7% y/y growth in January-May. The economy is recovering mainly thanks to the ongoing recovery in neighbouring Russia, the country's main trading partner. Belarus' GDP grew by 2.4% y/y in 2017 after two years of recession. It contracted 3.9% y/y in 2015 following 1.6% y/y growth in 2014.
Meanwhile, the World Bank believes that any deceleration or volatility of economic activity in Russia (including volatility associated with the recent sanctions against selected Russian corporations) may influence the Belarus’s economy through several channels, specifically, volatility of the Russian ruble exchange rate may trigger BYN vs US dollar fluctuations, could undermine consumer confidence and lead to higher demand for foreign currency in Belarus.
12 BELARUS Country Report October 2018 www.intellinews.com