Belarus’ development forecast, monetary policy guidelines for 2015 approved

    Belarusian President Aleksandr Lukashenko has approved the most important parameters of the country’s social and economic development forecast and the major monetary policy guidelines for 2015. The head of state signed corresponding decrees on 1 December.

    The gross domestic product is expected to grow by 0.2-0.7%%. This result will be reached by boosting the added value in the manufacturing sector (0.4-0.8%), agriculture and forestry industry (1.2-1.4%), the services sector (1.6-2%).

    Further technological and economic modernization of production will help raise labor productivity by 1.5-2% (measured by the gross domestic product).

    Taking into account the anticipated decrease in the aggregate demand in Russia and the dynamics of world prices, the export of goods and services will make up 96-96.4% as against the 2014 level. Without considering oil and oil products, the export of goods and services is expected to increase by 0.3%.

    The deficit of foreign trade in goods and services is expected at 3.3-3.5% to the gross domestic product.

    The energy intensity of the gross domestic product is projected to fall by at least 0.5% in comparison with the previous year. The return on sales in the manufacturing sector is projected to make up 7-7.5%. The increase of consumer prices will not exceed 12%.

    There are plans to build at least 2.5 million square meters of housing with state support.

    In 2015 the real disposable income of the population will increase by 1.1-1.5% over 2014.

    In accordance with the major monetary policy guidelines for 2015, the average annual refinancing rate is supposed to be 15-16% per annum. Lending of banks and the Development Bank of the Republic of Belarus to the economy will rise by 12-14%, the international reserve assets in IMF terms will remain at the level of 1 January 2015.