Belarusian GDP ended 2022 near the levels recorded in 2011-2012.
By the end of 2022, the GDP of Belarus decreased by 4.75% y/y. The indicator’s decline is estimated at around 5% y/y in December only. The GDP’s volume in December (seasonally adjusted) was somewhat lower compared to the autumn months. This indicates that the Belarusian economy was still in the process of adapting to new conditions despite the loose monetary policy, public sector credit support, gradual adjustment of trade and logistics chains, and a relatively favorable external environment. The rate of GDP contraction is likely to remain close to 4-5% y/y at the beginning of this year, but may slow down in March-April: the strong decline in March-April 2022 will no longer affect the annual GDP change rate.