Updated at 20:02,20-11-2017

Mikalai Snapkou: Half of Belarusian GDP depends on Russia

Euroradio

The economic growth depends on the price of oil, says Belarusian Minister of Economy.

Belarus’ economic growth depends on Russia by half, Minister of Economy Mikalai Snapkou told BelaPAN.

The GDP dynamics in Russia in 2015 will hardly affect the economic growth forecast in Belarus (0.2-0.7%), he added. Even if the Russian GDP decreases a bit, the demand for Belarusian products will be preserved as we supply food and oil products to Russia, Snapkou thinks.

The export of Belarusian machine building products should not decrease either. It has already reached the lowest limit, Snapkou said.

The oil price is the main factor affecting the situation in Russia, the official added. “If the oil price does not drop lower than $80 per barrel, the level will be comfortable for the Russian and Belarusian economy,” the Minister of Economy noted.

If the oil price decreases by $1, Belarus’ balance in oil and oil products trade will go down by $20 million a year, Snapkou said.