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…
We present a new issue of the analytical bulletin “The Consumer Confidence Index” within the project Belarus Economy Monitor.
Belarus’ GDP rose significantly in August due to agriculture, while excluding its contribution, growth remained close to zeroOver the first eight months of 2025, GDP increased by 1.6% YoY, while in August alone it rose by ≈3.6% YoY. The output…
We present a new issue of the bulletin “Labor Market and Social Sphere”, which provides an analysis of the labor market situation in the Republic of Belarus in the second quarter of 2025. Key findings:
GDP of Belarus temporarily contracted in July 2025 due to a shift in grain harvesting. In the first seven months of 2025, GDP grew by 1.3% YoY, while in July separaterly it declined by ≈2.7% YoY. The drop in output…
Monetary conditions eased somewhat in Q2-2025 Interest rates on loans and deposits declined in real terms due to accelerating inflation. On average, rates fell slightly below neutral levels. This contributed to maintaining overheated domestic demand and hindered its quick return to…