Belarus meets 14 out of 16 targets of socio-economic development forecast for 2005

In 2005 Belarus met 14 out of 16 most important parameters of the socio-economic development forecast stipulated in decree #437 of the president of the Republic of Belarus of September 10, 2004. As BelTA has been told in the press service of the economy ministry of Belarus, production growth in the key branches of the national economy and better qualitative parameters of the economy in 2005 enabled the country to increase the GDP by 9.2 per cent as against 2004 while the 2005 forecast provided for 8.5-10 per cent. The GDP energy intensity in January-November of 2005 went down by 7.2 per cent as against the same period 2004. Major contributions to the GDP were made by industry (27.4 per cent), transport and communication (9 per cent), agriculture (7.5 per cent), trade and public catering (9.7 per cent), construction (7 per cent). In 2005 the industrial output was 10.4 more than in 2004 (the forecast – 8-9.5 per cent). Some 75 per cent of the total number of companies has pushed up the production. These companies accounted for 90.5 per cent of the total production. In 2005 the GDP-forming industrial companies manufactured goods worth of Br32,8 trillion, or 10.2 per cent more than in 2004. These companies accounted for 54.2 per cent of the total production. In terms of the remaining companies the production grew by 10.7 per cent. Consumer goods manufacture in 2005 was up by 10.3 per cent as against 2004 (the forecast was 9.5-11 per cent), including foodstuffs – 14.1 per cent (the forecast 9-11 per cent), nonfoods – 6.9 per cent (the forecast 10-11.5 per cent). In 2005 capital investment surged by 23.2 per cent (the annual forecast – 15.5-17.5 per cent). The expenditures to purchase equipment, transport vehicles went up by 28.4 per cent last year as against 2004. These expenditures accounted for 46.9 per cent of the total investment (in 2004 – 46.7 per cent). Capital investment in the production objects were 24.2 per cent up than in 2004. These investments reached 65.7 per cent of the total investments. The growth of capital investment by branch is as follows: agriculture (91.9 per cent as against 2004), construction (28 per cent), culture and art (53.8 per cent). In 2005 some 17.1 per cent of the total capital investment was used in housing construction, or 22.4 per cent more than in 2004. Some 3780 thousand square meters of housing were sent in service, or 2769 thousand square meters more than in 2004, or by 7.9 per cent. Some 1235 thousand square meters of housing were constructed in rural areas, or 32.7 per cent of the total volume. Foreign trade in goods and services in January-November of 2005 grew by 11.1 per cent as against January-November of 2004 (the forecast 10-11 per cent), including export – by 17 per cent (11-12 per cent), import 5.6 per cent (9-10 per cent). The higher growth of export over import resulted in a trade surplus in January-November of 2005 at the value of USD 294 million, including the deficit in foreign trade in goods – USD 486, 7 million, in services – surplus of USD 780,7 million. In 2005 the general Consumer Price Index made 108 per cent or 0.6 per cent every month and was lower than the forecast (108-110 per cent during the year or 0.6-0.8 per cent every month). In 2004 the index made 114.4 per cent or 1.1 per cent every month. According to the economy ministry, real incomes of the population grew faster than inflation in the republic last year. In January-November 2005 they increased by 16.1 per cent against the same period of 2004 (the year’s forecast – 13-14 per cent). At the same time wages and social transfers remained the main sources of incomes of the population, which made 81 per cent of the total volume of incomes. In January-November 2005 real wages grew by 21.6 per cent compared with January-November 2004 (the year’s forecast – 15-17 per cent). The volume of retail trade turnover including public catering through all sales channels grew by 19.4 per cent in 2005 against 2004 (the year’s forecast – 13-14 per cent). At the same time the share of national goods in 2005 was at the level of 80.4 per cent including foodstuffs – 86.9 per cent, nonfoods – 70.8 per cent. The retail trade turnover volume in 2005 was formed by 63.8 per cent by trade organizations (0.3 per cent more than in 2004) and by 36.2 per cent by individual entrepreneurs. The volume of paid services to the population in 2005 grew by 15 per cent against 2004 (the year’s forecast – 13-15 per cent). The profitability of products and services sold in January-November 2005 made in the republic 13.9 per cent, the profitability of sales – 8.5 per cent (in January-November 2004 – 13.9 and 8.4 per cent respectively). Within this period the profitability of industrial products sold reached 15.7 per cent (the year’s forecast – 13 per cent). According to the economy ministry, the profitability grew in agriculture, communications, logistics and production distribution. Moreover, 2005 saw a considerable reduction of the number of loss-making companies in the republic on the whole and in such key branches as industry, agriculture and transport (including pipeline transportation), communications, construction, trade and public catering. The number of loss-making companies in January-November 2005 made 15.7 per cent against 24.5 per cent within the same period of 2004. The reduction of loss-making companies made 35.9 per cent in the republic and 31.2 per cent in the industrial sector.