Fiscal policy remained stimulative in 2025, but the room for further stimulus has narrowed The consolidated budget in 2025 was executed with a deficit of 0.8% of GDP. Fiscal stimulation of domestic demand resulted in expenditure growth outpacing revenues. Consolidated…
Economic activity in Belarus remained subdued in February 2026 GDP increased by ≈0.4% in February compared to January 2026 (seasonally adjusted). Growth was supported by an increase in investment, which was of a corrective nature after weak results in Q4-2025…
The consumer confidence index in Q1-2026 increased by 3.5 p.p. (according to Rosstat methodology) and amounted to -1.2%. Excluding the current economic conditions component (Eurostat methodology), the index amounted to -0.2%.
Key characteristics of the labour market in Q4-2025.
Temporary factors led to a decline in Belarus’ GDP at the beginning of 2026, but even excluding them economic activity dynamics were subdued and growth potential remained low In January 2026, GDP declined by 1.25% compared with January 2025 and…
Imbalances in the Belarusian economy declined by the end of 2025, but its growth potential remained low Belarus’s GDP growth slowed to 0.3% YoY in Q4-2025, while overall the economy grew by 1.3% YoY in 2025 – three times lower…
Monetary policy in Belarus remained non-restrictive for the growth of domestic demand and consumer prices in 2025 The National Bank actively carried out non-sterilized issuance through purchases of foreign currency and government bonds. The banking system operated in a state…
Inflation in Belarus amounted to 6.8% in 2025 and is projected to be close to 7% by the end of 2026 Annual inflation declined from 7.1% YoY in September to 6.8% YoY in December 2025. The annualized quarterly price growth…
Belarus’s economy grew by 1.3% in 2025, while the scale of its overheating declined significantly In Q4-2025, GDP increased by ≈0.4% compared with Q4-2024, following the growth of 0.8% YoY in the previous quarter. This corresponds to the seasonally adjusted…
The economy will return to a balanced growth trajectory in 2026–2027 after overheating in 2024–2025 GDP growth will slow from around 4% in 2023–2024 to about 1.1% in 2025 and 0.5–1.5% in 2026. The slowdown of the Russian economy and…