In January 2014, Belarusian enterprises’ net profits were under EUR 190 million
In January 2014, Belarusian enterprises’ net profits fell by 31.6% over the same period in 2013.
The situation with settlements in the economy continued deteriorating, several enterprises have shortened their working hours, tax revenues have reduced, and the pressure on the National Bank to adjust the exchange rate and interest rate policy has increased. It is likely that control over profitable enterprises will increase, mainly in the private sector, in order to step up budget revenues. It would be reasonable to anticipate a reduction in the number of employed in the economy due to lower wages in various economic sectors.
According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.