The National Statistics Committee of Belarus said on Tuesday that the nation's gross domestic product in 2014 rose 1.6 percent over 2013, to approximately $51.5 billion.

The committee also said labor productivity grew 3.1 percent over 2013.

The country also saw industrial output increase by 1.9 percent, and agricultural production grew 3.1 percent. The committee also said  the share of innovative products out of the total volume of shipped merchandise in 2014 stood at 14.2 percent.

Capital investments reached approximately $14.1 billion over the course of the year. Wholesale trade and retail sales rose 9.1 percent and 6.6 percent, respectively, over 2013.

The country also saw 5.5 billion square meters of residential housing commissioned in 2014, up 5.8 percent over 2013.