Authorities in Belarus expect industrial production to slow to 5% in 2024 due to saturation of Russian market

MINSK. March 1 (Interfax) - Belarus intends to increase industrial production 5% in 2024 to achieve the country's planned 3.8% GDP growth, Belarusian Deputy Prime Minister Pyotr Parkhomchik said.

"We see that January results are positive. Industry grew 5.4% compared to last year. As a result, the GDP growth rate is 2.8%. The main thing is to stay at this level and further increase both production volumes and export potential," Parkhomchik said.

"The target [for 2024] is set: export growth of 7.6%, and GDP growth of 3.8%. Accordingly, in terms of industrial production volumes, it is necessary to work at a rate of no less than 5%," the Deputy Prime Minister said.

Commenting on export markets, Parkhomchik said, "there is a certain saturation of the Russian market. Serious work will have to be done in 2024 to diversify markets and move to other markets. They have been identified. These are Africa, Latin America, and Southeast Asia. Certain steps have been taken. Last year, some agricultural machinery and automotive equipment were delivered, which are gaining footholds in these markets," he said.

Industrial production in Belarus increased 7.7% in 2023 after a decrease of 5.4% in 2022 and an increase of 6.5% in 2021.