Belarus’ GDP dropped 2.8% in January-October 2016

The Belarusian GDP decreased by 2.8% in January-October. The GDP decreased by 2.9% in 9 months, 3% in 8, 2.7% in 7, 2.5% in 6, 2.8% in 5, 3% in 4, 3.6% in 3, 4% in 2 months and 4.3% in January, naviny.by reports.

According to the last forecast of the Ministry of Economy, the GDP may increase by 2% by the end of the year. Foreign experts expected a different result. For example, the European Bank for Reconstruction and Development expected Belarus’ gross domestic product to go down by 3% in 2016.

The decrease can be explained by the dependence of Belarusian trade on the Russian market, drawbacks in the structure of the economy, high refinancing risks and imbalance.