Belarusian Monthly Economic Review, №6(129), June 2013
By the end of 2012, seasonally adjusted real unit labor cost (share of wages in value added) – one of the measures of price competitiveness – increased to its medium-term level. Therefore, by the end of 2013 one can expect significantly lower growth rates of real wages and proportionally slower growth of household consumption. Most likely, the economic authorities will respond to this constraint by "shifting a focus" of their policies from household consumption to capital investments.
Other topics of the issue:
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Economic slowdown continues.
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Sustainability of real wages growth is questionable.
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Negative trends in non-energy merchandise trade.
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Social Security Fund faced a deficit for the first time.
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Disinflation continues.
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