The Consumer Confidence Index. May 2025
The consumer confidence index in Belarus remained in the positive zone: it stood at 1% according to the Rosstat methodology and 2% based on the Eurostat methodology.
Read moreThe Consumer Confidence Index. May 2025
Monetary Environment Review Q1-2025
Monetary conditions were neutral in Q1-2025, but monetary policy became resistant to tightening Interest rates on loans and deposits exceeded their neutral levels in Q1-2025.However, the extent of this excess was modest and, amid strong domestic demand, the contractionary impact…
Inflation Review. Q1-2025
Inflation in Belarus accelerated in Q1-2025, and the chances of it rising closer to 8% YoY or slightly higher by the end of 2025 have increased Annual inflation stood at 5.9% YoY in March 2025. The annualized quarterly price growth…
Macroeconomic results for Q1-2025
Belarus’ economy accelerated in Q1-2025 due to stronger domestic demand Belarus’ GDP grew by 3.1% in Q1-2025 compared to Q1-2024, following an increase of 2.5% YoY in Q4-2024. After adjusting for seasonal factors, quarterly GDP growth is estimated at ≈1.7–1.8%…
Express Analysis. April 2025
The scale of economic overheating in Belarus increased in Q1-2025, while the risk of severe turbulence in the event of a sharp deterioration in the situation in the global or Russian economy has risen markedly. In Q1-2025, GDP grew by…
Express Analysis. March 2025
Over the first two months of 2025, GDP grew by 3.1% YoY, while separately in February – by ≈2.5% YoY after +3.7% YoY in January. The slowdown in annual growth was due to the calendar factor. Adjusted for seasonality, GDP…
Express Analysis. February 2025
Economic activity in Belarus remained high at the beginning of the current year. Belarus’s GDP grew by 3.7% YoY in January 2025 after increasing by 4.7% YoY in December 2024. The GDP volume (seasonally adjusted) in January 2025 declined by…
The Consumer Confidence Index. February 2025
The consumer confidence index in Belarus has once again reached a historical high: for the first time according to Rosstat’s methodology, it has reached positive values (2%), while according to Eurostat’s methodology, it strengthened to 3%.
Monetary Environment Review Q4-2024
Monetary conditions were neutral in Q4-2024, insufficient to cool overheated demand. Interest rates on loans and deposits exceeded neutral levels in Q4-2024, driven by rising interest rates in Russia. This factor, independent of the National Bank’s monetary policy, will continue…
Inflation Review. Q4-2024
Inflation in Belarus slowed in Q4-2024 under the influence of government administrative measures. Annual inflation reached 5.2% YoY in December 2024. The annualized quarterly price growth (seasonally adjusted) declined to 4.4% QoQ in Q4-2024. Authorities made minimal increases to regulated…