Economic Growth Slows but Prices Rise - December Digest of Belarusian Economy
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Over the recent months the rate of economic growth in Belarus has been gradually declining. For eleven months the GDP grew only by 0.9%. A decline in industrial production had a detrimental effect on economic growth. Despite the decrease in production volumes, the level of finished goods in warehouses of enterprises remained high. Increases in retail turnover stimulated GDP growth.
Despite the slowdown in inflation in 2013 in comparison to the previous year, the increase in consumer prices for the year will exceed established predicted values. In connection with the accelerated rate of inflation in the second half of 2013, as well as to maintain a stable situation on the currency market and the banking sector, the National Bank decided to keep the refinancing rate unchanged till the end of 2013.
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