Due to cuts in oil supplies, Belarusian industrial performance will lag behind 2015

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November 21, 2016 9:30

According to the National Statistics Committee, industrial production index in January-October 2016 was 98.5%, which means that industrial production is unlikely to achieve 2015 level by the year-end. Industrial performance fell mainly due to short oil supply, which led to oil refining reducing by 11.4%. In the absence of the final decision on the oil supply resumption in higher volume, petrochemical exports are likely to decline, so as the total export of Belarusian goods. By the year-end, the Belarusian budget is likely to raise only USD 650-700 million from export duties, instead of projected USD 900 million. In December 2016, the economic authorities may introduce administrative measures aiming to increase currency sales by major Belarusian exporters and may apply additional financial burden on successful businesses. Meanwhile, reduced supplies in 2016 create a favourable baseline for the oil refinery in 2017 to report performance growth.

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