Belarusian GDP grew 2.9% in Jan-Apr, PM says
MINSK. May 11 (Interfax) - Belarusian GDP grew 2.9% year-on-year in the first four months of 2012, Prime Minister Mikhail Myasnikovich said at a cabinet meeting on Friday, state media reported.
"Macroeconomic stabilization has taken place without a hard landing for GDP. This is a response to opponents who warned of economic stagnation, as if macroeconomic stabilization will inevitably lead to stagnation. For the four months, the rate of GDP growth was 102.9%, and this with the high base of last year, which was 112.3% for the fourth months," Myasnikovich said.
He said the economic policy measures adopted at the macro level are having positive results. "In the first quarter we have a foreign trade surplus in the amount of 10.7% of GDP, a growth rate for exports of goods and services of 142.5%," Myasnikovich said.
However, traditional risks remain in the Belarusian economy, he said. "We need to be objective and self-critical, respected colleagues. The pace of modernization of the economy still does not make it possible to state that the positive trends have become irreversible. Additional decisions should be made at all levels of management on intensifying innovation, business initiatives, as the key factors of long-term growth," Myasnikovich said.
The prime minister suggested that members of the government focus on working out solutions "taking into account the demands of the president voiced in the message to the Belarusian people and the National Assembly, as well as during the head of state's responses to the questions of members of parliament."
"The government will in this situation direct all the might of executive power into the organization of this work and implementation," Myasnikovich said.
The target forecast approved by the president projects GDP growth of 5-5.5% for 2012. GDP grew 3% in the first quarter of 2012.
The IMF is forecasting that Belarusian GDP will grow by up to 3% this year.
