Fiscal policy remained stimulative in 2025, but the room for further stimulus has narrowed The consolidated budget in 2025 was executed with a deficit of 0.8% of GDP. Fiscal stimulation of domestic demand resulted in expenditure growth outpacing revenues. Consolidated…
Key characteristics of the labour market in Q4-2025.
Monetary policy in Belarus remained non-restrictive for the growth of domestic demand and consumer prices in 2025 The National Bank actively carried out non-sterilized issuance through purchases of foreign currency and government bonds. The banking system operated in a state…
Inflation in Belarus amounted to 6.8% in 2025 and is projected to be close to 7% by the end of 2026 Annual inflation declined from 7.1% YoY in September to 6.8% YoY in December 2025. The annualized quarterly price growth…
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.
The bulletin “Labour Market and Social Sphere” provides an overview of developments in the labour market and the social sector in Belarus.
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…