OREANDA-NEWS. January 17, 2013. Belarus’ gross domestic product (GDP) expanded 2% on the year in January-November 2012 to mark an increase of Br147.5 trillion (USD 17.092 billion), according to a fresh account made by the National Statistics Committee (Belstat).

The National Statistics Committee posted a statement to this effect at its official web site.

In its original report Belstat claimed that Belarus’ GDP expanded 1.9% on the year in January-November 2012 by Br128.4 trillion (USD 14.878 billion; Br8,630/USD 1). According to Belstat’s update, the GDP expanded 3.4% in Q1 2012 (versus 3.1% quoted in the original report), Q2 – 3% (2.9%).

There were three approaches used to make the second assessment of Belarus’ GDP growth in Q3: the production approach, the income approach and the expenditure method, Belstat said in the latest report. The previous report had been a preliminary assessment made on the operative data of statistical surveys, expert valuations and indirect assessments. The data for the first and the second quarter of the year were adjusted in light of the fresh account of the GDP growth in 2011 and the Finance Ministry’s report on subsidies, Belstat said.

According to Belstat’s second assessment, in 2011 Belarus’ GDP grew 5.5% on the year to 297.2 trillion Belarusian rubles (USD 34.438 billion) to compare with the original report, which post the country’s GDP growth at 5.3% on the year to 274.3 trillion Belarusian rubles (USD 31.785 billion).

As previously reported, Belarus’ President Alexander Lukashenko challenged the government to meet the 2012 GDP growth target, which stands at 5-5.5%.