Monetary conditions were neutral in Q1-2025, but monetary policy became resistant to tightening Interest rates on loans and deposits exceeded their neutral levels in Q1-2025.However, the extent of this excess was modest and, amid strong domestic demand, the contractionary impact…
Inflation in Belarus accelerated in Q1-2025, and the chances of it rising closer to 8% YoY or slightly higher by the end of 2025 have increased Annual inflation stood at 5.9% YoY in March 2025. The annualized quarterly price growth…
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%.
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…