Belarus’ GDP to grow by 11% in 2008

This year’s growth rate of the gross domestic product of Belarus should make 111% as against 2007. This main social and economic development target has been set by the government of the republic, BelTA learnt from representatives of the Economy Ministry. Main targets of the social and economic development forecast are determined by resolution No 8 of the Council of Ministers. In line with the document the industrial output is supposed to go up by 11%, production of consumer goods — 11%, with foods output up by 10.5%, non-foods’ — 12%. The agricultural output is supposed to increase by 8.5%, fixed-capital investments — 25%. Merchandise export is supposed to expand by 16.5%, import — 13.5%, with the deficit of the merchandise trade as large as $3,380. The export of services is supposed to soar by 50%, import — 40%, with the surplus of foreign trade in services as large as $2,315 million. In 2008 real cash incomes of individuals are supposed to go up by 11%, retail trade turnover — 13%, chargeable services rendered to individuals — 12%, labour productivity — 8.8%. The profitability of sold products, works and services in the Belarusian industry is expected to hit 13%. In 2008 there are plans to commission 5.2 million square metres of housing. The number of people involved in the economy is supposed to total 4.46 million. The energy consumption of the gross domestic product is supposed to shrink by 8%. The Economy Ministry remarked, with a view to securing main goals set by this year’s national social and economic development forecast, a draft plan of joint actions of the Council of Ministers of the Republic of Belarus and the National Bank had been put together in order to hit targets of the draft social and economic development forecast, the state budget and the Major Monetary Management Guidelines of the Republic of Belarus for 2008. The plan lists measures aimed at creating macroeconomic conditions for boosting the production and increasing its effectiveness, increasing the export of goods and services, invigorating investment and innovation activities. Measures have been outlined to increase real cash incomes of individuals, improve the management of state property, and promote the development of small and medium businesses.