Regional News

Belarus aims to upgrade construction industry

Belarus is set to develop a program to upgrade its construction industry, Deputy Prime Minister Anatoly Sivak said at a joint sitting of the House of Representatives and the Council of the Republic of the National Assembly of Belarus on 25 September, BelTA has learned.

“The construction industry requires more investment. Improved pricing in the sector strengthens sources to increase both wages and investment. A decision has been made to develop a program to upgrade house building plants. The goal is to increase capacity, quality and labor productivity,” Anatoly Sivak said.

In January-August 2024, a total of Br12 billion was spent on construction and installation works, up 5.2% year-on-year in comparable prices. The volume of capital repairs by contractors amounted to Br1.2 billion, up 2.4% year-on-year. Current repairs made up Br2.3 billion (28.1%).

In general, in January-August 2024 the volume of contracted works went up by 9.5% as compared to the same period of 2023. The gross value added in construction increased by 9%, which made it possible for the industry to contribute to the country’s GDP.

The country’s contracting organizations secured profitable operation In January-July 2024. Net profit soared 47.2% to reach almost Br600 million. Return on sales amounted to 9.1% (8.7% in January-July 2023).