Express Analysis. August 2025
GDP of Belarus temporarily contracted in July 2025 due to a shift in grain harvesting. In the first seven months of 2025, GDP grew by 1.3% YoY, while in July separaterly it declined by ≈2.7% YoY. The drop in output…
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Monetary Environment Review Q2-2025
Monetary conditions eased somewhat in Q2-2025 Interest rates on loans and deposits declined in real terms due to accelerating inflation. On average, rates fell slightly below neutral levels. This contributed to maintaining overheated domestic demand and hindered its quick return to…
Macroeconomic results for Q2-2025
Economic growth in Belarus slowed in Q2-2025 amid intensification of inflationary processes Belarus’ GDP grew by 1.1% YoY in Q2-2025 after 3.2% YoY in Q1; seasonally adjusted quarterly growth was near zero, keeping output at a historical peak well above…
Express Analysis. July 2025
In the first half of 2025, GDP grew by 2.1% YoY, and in June separaterly – by ≈0.3% YoY. The volume of GDP (seasonally adjusted) declined by ≈1% compared to May 2025. Weak output dynamics were observed across all major…
The Consumer Confidence Index. July 2025
We present a new issue of the analytical bulletin “The Consumer Confidence Index” within the project Belarus Economy Monitor.
Inflation Review. Q2-2025
Inflation in Belarus increased in Q2-2025 and is moving toward the upper bound of the 7–9% YoY forecast range for the end of 2025. Annual inflation stood at 7.3% YoY in June 2025. The annualized quarterly price growth rose to…
Express Analysis. June 2025
Economic activity in Belarus remained near its historical peak in May 2025, significantly exceeding its balanced level. Over the five months of 2025, GDP grew by 2.5% YoY, and in May separaterly – by ≈1.3% YoY. The volume of GDP…
Labor Market and Social Sphere Q1-2025
We present the new study “Labour market and social sphere”
Express Analysis. May 2025
The Belarusian economy continued to grow due to domestic demand in April 2025. Over the four months of 2025, GDP grew by 2.8% YoY, and in April separaterly – by ≈2% YoY. GDP volume (seasonally adjusted) increased by 0.1–0.3% compared…
Macroeconomic forecast for Belarus. 2025–2026
Monetary policy loosening will support increased GDP growth in Belarus in 2025, but at the cost of heightened inflationary pressure and a greater risk of economic volatility if external conditions deteriorate. The GDP growth forecast for Belarus in 2025 has…