18 Jan 2023 17:29

Belarusian GDP falls 4.7% in 2022

MINSK. Jan 18 (Interfax) - Belarusian GDP fell 4.7% in constant prices in 2022 compared with 2021 to 191.4 billion Belarusian rubles, national statistical committee Belstat said.

The GDP deflator was 113.6%.

The economy shrank by the same 4.7% in the periods January-August, January-September, and January-October and January-November. GDP fell 4. 5.2% in January-July. The recession began in Q1 2022, with a drop of 0.4%, although there had been 1.2% growth for January-February and 2.7% growth in January.

The government said in August that in the best-case scenario it would be able to ensure zero economic growth this year due to anticipated recovery dynamics in the second half of the year in the absence of new sanctions and other unforeseen shocks.

Prime Minister Roman Golovchenko said on December 24 that GDP might fall 4% in 2022.

The International Monetary Fund expected Belarusian GDP to fall 7% in 2022, the European Bank for Reconstruction and Development forecasts a 4% drop the Eurasian Development Bank 4.6% and World Bank 6.2%.

GDP grew 2.3% in 2021 after falling 0.9% in 2020 and rising 1.2% in 2019.

The government is targeting GDP to rise 3.8% in 2023.