The growth of the Belarusian economy will slow down significantly in 2024, and inflationary processes will concurrently intensify Prospects for maintaining high GDP growth have weakened significantly, as the economy has been overheated by monetary and fiscal stimuli in 2023.…
The Belarusian economy remained overheated in August. GDP grew by 3.1% (YoY) over the eight months of 2023, including a ≈4.3% growth (YoY) in August 2023. The slowdown in annual growth from ≈7.6% (YoY) in July is mainly explained by…
Belarus’ GDP is losing its growth momentum. GDP grew by 2.9% (YoY) over the seven months of 2023, including a ≈7.6% growth (YoY) in July 2023. High annual growth rates reflect the earlier success of households and businesses in adapting…
Loose monetary conditions become a threat to price and financial stability. Monetary conditions remained loose in Q2-2023. On the one hand, the undervaluation of the Belarusian ruble neutralized, and the Belarusian ruble was overvalued at the beginning of Q3-2023. However,…
Inflation remained low in Q2-2023, but domestic demand price pressures intensified. The annual increase in prices in June rewrote the historical low and amounted to 2.9% (YoY). Annual inflation will remain close to 2% (YoY) in Q3-2023, constrained by the…
Belarusian GDP could exceed its equilibrium in Q2-2023. In June, the GDP of Belarus grew by ≈7.1% (YoY) and by 6.1% (YoY) in Q2-2023. In June 2023, GDP volume (seasonally adjusted) increased by ≈0.15–0.4% compared to May 2023. On the…
The Belarusian economy could overheat in the context of continued monetary stimuli in May.Over the five months of 2023, Belarus’s GDP increased by 0.9% (YoY) and by ≈7.1% (YoY) in Mayonly (Figure 1). Economic activity remained on a growth trajectory:…
We present a new issue of the analytical bulletin “The Consumer Confidence Index” within the project Belarus Economy Monitor.
Loose monetary conditions amplify inflationary risks. In Q1-2023, monetary conditions kept stimulating economic activity and were pro-inflationary. Interest rates on Belarusian ruble loans and deposits rewrote their historical lows again in the context of the National Bank’s implementation of its…