The economy will return to a balanced growth trajectory in 2026–2027 after overheating in 2024–2025 GDP growth will slow from around 4% in 2023–2024 to about 1.1% in 2025 and 0.5–1.5% in 2026. The slowdown of the Russian economy and…
Belarus’s GDP continued to decline in November 2025, and the extent of economic overheating narrowed sharply For the eleven months of 2025, GDP grew by 1.3% YoY, and in November alone it declined by ≈0.6% YoY. Industrial output fell to…
We present a new issue of the analytical bulletin “The Consumer Confidence Index” within the project Belarus Economy Monitor.
Key findings
Belarus’s economy continued to slow down in October 2025 For the ten months of 2025, GDP grew by 1.5% YoY, and in October alone – by ≈0.6% YoY. The volume of GDP (seasonally adjusted) in October decreased by ≈1% compared…
The momentum of high economic growth in Belarus has been exhausted Belarus’s GDP grew by 0.8% YoY in Q3-2025 after 1.0% in Q2; seasonally adjusted quarterly growth remained near zero. A decline in exports amid weaker demand in Russia was…
Monetary policy in Belarus remained subordinated to the goal of stimulating investment activity rather than ensuring price stability In Q3-2025, the National Bank actively issued rubles through the purchase of government bonds and foreign currency and did not withdraw excess…
Belarus’ GDP showed near-zero growth in Q3-2025 due to a decline in export-oriented industrial output Over the first nine months of 2025, GDP grew by 1.6% YoY, and separately in September – by ≈1.3% YoY. The GDP volume (seasonally adjusted)…
Inflation in Belarus declined significantly in Q3-2025 and is expected to settle near 7.5% YoY by the end of 2025. Annual inflation stood at 7.1% YoY in September 2025. The annualized quarterly price growth slowed more than twofold – to…