Belarus’ GDP growth in 2019 significantly lower than expected

According to the National Statistics Committee report, Belarus’ GDP grew by 1.2% in 2019. In the forecast of socio-economic development for 2019, approved by Alyaksandr Lukashenka, it was expected to achieve 4% growth.

In current prices, the GDP amounted to 132 billion BYN.

In 2018, the GDP of Belarus grew by 3%. In December 2018, Lukashenka signed a decree on socio-economic development goals. According to it, the GDP growth in 2019 should have reached 4%.

As a result, the GDP growth amounted to only 1.2%. However, this is more than predicted by the World Bank in November 2019 — then it was 1%. The World Bank attributes the slowdown in the Belarusian economy to the poor dynamics of external demand, reduced space for domestic consumption, the persistence of structural problems, as well as the consequences of the Russian tax maneuver.