According to the data of the National Statistical Committee, in Q1 2017, wholesale turnover index exceeded 100% for the first time in the last two years and equaled to 100.2% to Q1 2016 at constant prices. Retail turnover improved the indicators as compared to the beginning of 2017 and totaled 98.6% to the same period last year.
The monthly dynamics show that wholesale trade has grown for the second month in a row. Wholesale turnover grew to 105.8% in March 2017 as compared to March 2016. The growth was mainly driven by the improved economic situation and the increased GDP that in March this year amounted to 10.6% to February.
Retail turnover in March 2017 was recorded at 103.2% to March last year. It grew thanks to the increased real disposable income of the population. The monthly real disposable income dynamics concur with the retail turnover dynamics since December 2016.
Real income of the population grew thanks to the increased real wages that in February this year totaled 100.8% to February 2016.
Real wages in February this year grew in all regions of Belarus, except for Minsk where it did not change.
The GDP growth in March 2017 will influence the growth in wages and real income of the population that will result in the further positive retail trade dynamics. The production of oil products and wholesale trade in oil product will increase when Russia resume the oil supplies to Belarus in full in April 2017. Taking into account the high share of refined products in the commodity structure of wholesale trade, it can be expected that wholesale turnover will continue growing in Q2.