Belarusian retail trade experienced a 7.6% increase from January to October this year
In a remarkable turn of events, Belarus has witnessed a surge in its economic growth, with the retail, industrial, and wholesale sectors experiencing substantial increases compared to the same period last year.
According to recent data, retail turnover from January to October 2023 reached Br62 billion, marking a 107.6% increase in comparable prices. This growth is particularly noteworthy when compared to the same period in 2022. The retail sector's success is further underscored by the one-day retail turnover per capita, which has risen to Br22.1, up from Br20 in the corresponding period of the previous year.
Trade organizations have also contributed to this economic boom, with retail turnover reaching Br58.5 billion in January-October 2023, representing a 108.1% increase in comparable prices.
The wholesale sector has mirrored this trend, with wholesale turnover reaching Br131.9 billion in the same period, a 113.2% increase compared to the level of January-October last year.
Industrial production in Belarus has also seen an 8% increase from January to October 2023. While the specific drivers of this growth are not detailed, several factors could be contributing to this trend.
Belarus's emphasis on state-driven investments and alignment with economic powerhouses like Russia and China could be key factors driving growth in sectors like retail and wholesale. Domestic demand, fueled by government policies such as wage increases and state-directed credit, could also be influencing the growth in retail and public catering.
In the public catering sector, turnover has increased by Br4.1 billion in January-October 2023, a 110.8% increase in comparable prices compared to the level of the corresponding period of the previous year.
While the exact reasons for these growth trends are yet to be confirmed, it is clear that Belarus's economy is on an upward trajectory. The country's continued focus on economic development, coupled with strategic partnerships and domestic policies, could position Belarus for further economic growth in the future.
In the sphere of finance and business, Belarus's economic growth has been substantiated by a 107.6% increase in retail turnover from January to October 2023, with a significant rise in the one-day retail turnover per capita. Additionally, the wholesale sector has mirrored this trend, exhibiting a 113.2% increase in wholesale turnover from the corresponding period of the previous year.
