NBRB says economy more balanced, stabilized

MINSK, 18 July (BelTA) – The Belarusian economy is now more balanced and stable due to the economic policy of the government of Belarus and the National Bank, and this is the major outcome of H1 2012. Such a conclusion was made at an extended session of the Board of the National Bank on 18 July. The session reviewed the implementation status of the guidelines on economic and monetary policy of Belarus in H1 2012, BelTA learnt from the information and public relations department of the National Bank.

“Measures taken by the National Bank and the government made it possible to curb the inflation,” the National Bank noted. In H1 2012 consumer prices increased by 10.5%, which corresponds to the upper level of the year-on-year inflation projections of 22%. Core inflation which excludes changes in administered and seasonal prices stood at 9.5% in H1 2012.

“Simultaneously with the slow down in the inflation rate, H1 2012 witnessed the balanced growth of the economy which was achieved thanks to the focus on foreign markets, increase in the exports with simultaneous restriction of the domestic demand,” said the National Bank. 

For the first time since 2005, Belarus had enjoyed a continued foreign trade surplus which remained in force for more than a quarter. In January-May this year the surplus totaled $3 billion, or 13.3% of GDP. In the same period 2011 Belarus had a trade deficit of $2 billion. Taking into account the transfer of the duties for oil products export to the Russian budget, the surplus was $1.2 billion or 5.2%.

BelTA