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%…
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…
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…
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 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 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 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…
The Belarusian economy slowed down in Q4-2024, but GDP remained high amid a loose domestic economic policy Belarusian GDP grew by 4% in 2024, with 2.4–2.5% YoY in Q4-2024 after 3.8% in Q3. GDP stayed near a historical peak at…
The economy enters 2025 in an overheated state, with GDP volume preliminarily estimated to be ≈2.4% above the sustainable level in Q4-2024. Excessive stimulation of consumer demand yielded low returns in terms of output growth, contributed to a widening foreign…
Belarus’s GDP growth slowed significantly in November due to a decline in industrial production. For January – November 2024, GDP grew by 3.9% YoY, and in November, it increased by ≈1% YoY. GDP volume (seasonally adjusted) in November decreased by…