OREANDA-NEWS. April 12, 2011. Belarusian gross domestic product (GDP) increased 8.1% on the year in the first quarter, Economy Minister Nikolai Snopkov said at a briefing.

Industrial output increased 11.5% on the year, and labor productivity went up 7.2%.

According to Snopkov, import-to-GDP ratio is expected to go down to 64% in 2011 to 68% in 2010. He said the key task for the real sector was to raise exports while cutting imports.

Also, small and medium-sized business should be involved in the economy on a broader scale, as the potential of SMEs is as high as that of foreign investors, the minister added. IMF experts believe SMEs may double or treble Belarus’ GDP, Snopkov said, adding that he agreed with foreign estimates.