Economic Activity in Belarus Remained High in Q3-2024, but Growth Slowed Considerably. For the first nine months of 2024, GDP grew by 4.5% YoY, and in September, it increased by ≈1.6% YoY (Fig. 2.a). GDP volume (seasonally adjusted) in September…
GDP of Belarus contracted in August, hit by volatility in agricultural production and oil refining. GDP grew by 4.9% YoY in January–August 2024 and by ≈1% YoY in August alone, following an increase of ≈8.4% YoY in July (Figure 1.a).…
Monetary conditions remained moderately loose in Q2-2024, and the National Bank was late in responding to inflation risks. Real interest rates on loans and deposits remained almost unchanged compared to Q1-2024. Interest rates fell slightly short of neutral levels, which…
Belarus’ GDP growth accelerated in July due to climate factors, but an adjustment decline will occur in August. GDP grew by 5.5% YoY in January – July 2024, and it grew by ≈8.4% YoY in July only. Fluctuations in the…
Inflation in Belarus remained subdued in Q2-2024, and it will be 5–7% at the end of 2024. Annual inflation increased from 5.55% (YoY) in March 2024 to 5.84% (YoY) in June 2024, and annualized quarterly price growth (seasonally adjusted) grew…
Belarus’ GDP growth greatly exceeded its balanced rate in Q2-2024, but its dynamics weakened in May–June. GDP grew by 5% YoY in January–June 2024, and it grew by ≈3.8% YoY in June only. Seasonally adjusted output remained near the level…
According to the quarterly household monitoring data, the Consumer Confidence Index together with its components grew again in July 2024, this time reaching the threshold of 0% (under the Eurostat methodology).
Belarusian economy grew in May, and if there are no logistics disruptions or sharp tightening of domestic economic policy, GDP growth could be over 4% in 2024. GDP grew by 5.2% YoY in January-May 2024, and by ≈5.6% YoY in…
Fiscal policy in Belarus supported economic activity in 2023 with a budget execution surplus. In 2023, the consolidated budget was executed with a surplus of 1.1% of GDP. Budget revenues grew by 4.6 percentage points of GDP due to high…
Monetary stimulus will shrink in 2024, but not enough to address threats to macroeconomic stability. Monetary conditions remained loose in Q1-2024 in Belarus, but their stimulus for economic activity decreased due to higher interest rates in the credit and deposit…