Republic
27.07.2007
In H1 2007 the Belarusian economy hit 15 out of 19 top priority targets of this year’s social and economic development forecast, BelTA learnt from representatives of the Economy Ministry.
In H1 2007 the GDP growth rate totalled 108.6% as against the same period of last year, with this year’s target as high as 108-109%, H1 target — 107.5%. In January-May the GDP energy intensity shrank by 14.4% (the 2007 forecast — 6-7%).
Over the six months the industrial output increased by 7.7% up on the same period of 2006, with this year’s forecast standing at 7.5-8.5%, H1 forecast — 6%. Consumer goods output swelled by 5.8% (with this year’s target as high as 8.5-9.5%, H1 target — 7.5%), with the output of non-foods up by 11.9% (the annual target — 8-9%). The foods output totalled 98.9% as against the same period of last year (the annual growth target — 9-10%).
The number of staff on the payroll in the industry shrank by 0.3% in H1 2007 in comparison with the same period of last year. The industry’s labour efficiency went up by 8%. In January-May 2007 labour efficiency across the national economy increased by 8.3% up on the corresponding period of last year, with this year’s forecast as high as 7-8.6%.
In January-May materials consumption in the industry swelled by 4.2% up on the same period of 2006, though it is supposed to fall by 1-1.5% in 2007 and 0.8% in H1 2007.
The agricultural output over the six months swelled by 5.2%, with this year’s forecast as high as 6-7.5%, H1 forecast — 3.5%.
In H1 2007 fixed-capital investments in economic development increased by 20% in comparison with January-June 2006 (this year’s forecast — 14.5-17%). Fixed-capital investments in manufacturing facilities increased by 20%, with their share in the total investments as high as 64.2% or one percentage point more than in H1 2006.
The industry accounted for 28.1% of the total fixed-capital investments, housing construction — 20.5%, agriculture — 12.9%, transport — 8.2%. In comparison with the corresponding period of last year the highest increase in fixed-capital investments was registered in civil engineering (58.9%) and industry (25.9%).
In H1 2007 objects of the 2007 State Investment Programme used Br649.7 billion or 44.7% of the annual total. The number includes Br518.3 billion (40.7%) apportioned by the central state budget.
In H1 2007 housing construction accounted for 20.5% of the total investments or 125.6% as against H1 2006. Belarusian construction companies commissioned 2.363 million square meters of housing, including 1.03 million square meters in rural and small urban communities. The volume of commissioned housing increased by 14.2% in comparison with H1 2006.
The main sources of housing construction funding were individuals’ investments and bank loans (51.6% and 41.2% of the total commissioned housing respectively). In rural areas 0.806 million square meters of housing was commissioned, 34.1% of the total (33% in H1 2006).
In January-May 2007 the foreign trade in balance of payments terms increased by 19% up on January-May 2006 in current prices (this year’s forecast — 110.8-112%), with export up by 16% (13.2-14.5%), import up by 21.8% (8.5-9.5%).
Over the first five months of the year the foreign trade deficit in balance of payments terms totalled $881.6 million, with this year’s surplus expected to hit $500-600 million. The deficit of foreign merchandise trade totalled $1.348 billion, the surplus of foreign trade in services — $466.4 million.
In January-May the foreign merchandise trade reached $18.8 billion, with export as large as $8.7 billion, import — $10.1 billion. In cost terms export swelled by 15% in current prices (this year’s forecast — 13.2-14.5%), import — 21.7% (8.5-9.5%).
The deficit of foreign merchandise trade is attributed mainly to export-import operations with intermediate products (energy resources, crude materials, and components). In January-May Belarus imported $7,271.5 million worth of intermediate products, 19.4% up on the corresponding period of last year, and exported $5,987.6 million of intermediate products.
Russia accounted for 36.8% of Belarus’ export, other CIS states — 9.5%, the European Union — 42.9%, other countries — 10.8%. Russia accounted for 58.2% of Belarus’ import, other CIS states — 6.5%, the European Union — 22.4%, other countries — 12.9%.
Economic growth contributed to outstripping growth of real money incomes of individuals in January-May 2007 — 17.2% up, with this year’s forecast as high as 7.5-8.5%. This May real cash income swelled by 18% in comparison with May 2006.
In January-May accrued monthly salaries of Belarusians swelled by 18.5% up on the year to a total of Br649,900 or an equivalent of $302.9. Accrued monthly salaries funded by the state budget totalled Br587,200 or an equivalent of $273.6, 14.8% up on the same period of 2006.
As of July 1, 2007, the registered unemployment stood at 1% of the economically active population (this year’s forecast — 1.5-1.8%). In January-May the economically active population exceeded 4.4 million people, which corresponded to this year’s forecast of 4.3-4.4 million people.
Retail sales of products and services kept growing in H1 2007. Retail trade, including public catering, swelled by 17.9% up on the corresponding period of last year, with this year’s forecast as high as 9.5-10.5%, H1 forecast — 8.5%.
In January-May 2007 chargeable services sold to individuals increased by 11.9% up on the same period of 2006, with this year’s forecast as high as 9-10%, H1 forecast — 8%. Private companies accounted for 38.2% of the total chargeable services.
Consumer price index amounted to 103.6% in January-June 2007, 110.6% per month on the average, which corresponds to this year’s target — 100.5-100.6% per month on the average.
In January-May 2007 the return on sold products and services totalled 12.1%, return on sales — 7.1%. In the industry the return on sold products and services totalled 12.8%, return on sales — 9.4%.
According to the Economy Ministry, in January-May 2007 the national economy failed to reach the targeted decrease in imported goods and services, to ensure a foreign trade surplus, to reach the targeted consumer goods output, and decreased the production of consumer foods.