Belarusian Total Retail Turnover Increased to BYR142.8 Trillion (US$14.3 Billion) During the First Half of 2014

Date: 2015-09-17

“• The Belarusian construction industry has been growing strongly, and recorded growth of 65.2% in 2012 and 77.2% in 2013 in nominal terms. However, since late 2013, construction activity has been fairly limited, with the growth rate expected to moderate to 15.6% in nominal terms at the end of 2014. According to the National Statistical Committee of the Republic of Belarus (Belstat), the index of the number of construction projects increased from 91.4 in 2012 to 104.6 in 2013. This growth was supported by government investment to improve the country’s infrastructure and build affordable homes to meet the rising demand for housing. The forecast-period outlook for construction in Belarus remains optimistic due to low unemployment rates, increasing disposable incomes, a growing population and urbanization.

• Retail buildings construction is set to remain buoyant over the forecast period, prompted by strong retail turnover. According to Belstat, the country’s total retail turnover increased to BYR142.8 trillion (US$14.3 billion) during the first half of 2014, an increase of 10.9% as compared to the same period of 2013. Non-food goods accounted for 50.5%, and food goods accounted for 49.5% of retail turnover in the first-half of 2014. In terms of sector, retail trade organizations accounted for 81.1% of turnover, valuing BYR115.8 trillion (US$11.6 billion), while shopping centers accounted for 18.9%, valuing BYR27.0 trillion (US$2.7 billion). This trend will support the growth of retail buildings construction over the forecast period.

• In 2010, the government proposed the Energy Strategy to 2020 to develop the country’s energy potential by 2020. The strategy’s main purpose is to reduce dependence on Russia as an energy supplier. Through the current strategy (2011−2020), the government is aiming to provide environmentally friendly energy and has set a target to meet energy demand of 39.3 billion kilowatts per hour (kW/h) in 2015 and 41.8 billion kW/h in 2020 through electricity generation. 

• The government has allocated considerable sums for social spending as part of its 2014 national budget, amounting to BYR42.1 trillion (US$4.2 billion), which includes BYR18.2 trillion (US$1.8 billion) for education in the first half of 2014. As a result, the number of enrolments in secondary education rose from 928,200 in 2012−2013 to 931,300 in 2013−2014, while the number of specialized secondary institutions rose from 225 in 2012−2013 to 231 in 2013−2014. 

• The government is introducing various housing-construction measures to attract investors, developers and the wider population. In June 2014, the government signed Decree no. 270, which aims to optimize the cost of residential construction and determine fair prices for both the population and developers. Under the contract, the price of a housing unit and the size of a subsidized loan will be determined by taking into account the price of 1m2; municipal construction companies will be project owners.”

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