Monetary conditions remained non-restrictive in Q1-2026 and are expected to be moderately accommodative in the second half of the year The National Bank maintained its focus on stimulating economic activity at the beginning of the current year and relied on…
Inflation in Belarus decreased in Q1-2026 and is projected to be around 6–7% YoY by the end of 2026 Annual inflation slowed from 6.8% YoY in December 2025 to 5.4% YoY in March 2026, while the annualized quarterly price growth…
The Belarusian economy expanded noticeably in March 2026, but overall showed subdued output dynamics in Q1-2026 In March 2026, Belarus’s GDP increased by more than 1% compared to February. As a result, GDP exceeded the level of March 2025 by…
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…
Economic activity in Belarus remained subdued in February 2026 GDP increased by ≈0.4% in February compared to January 2026 (seasonally adjusted). Growth was supported by an increase in investment, which was of a corrective nature after weak results in Q4-2025…
The consumer confidence index in Q1-2026 increased by 3.5 p.p. (according to Rosstat methodology) and amounted to -1.2%. Excluding the current economic conditions component (Eurostat methodology), the index amounted to -0.2%.
Key characteristics of the labour market in Q4-2025.
Temporary factors led to a decline in Belarus’ GDP at the beginning of 2026, but even excluding them economic activity dynamics were subdued and growth potential remained low In January 2026, GDP declined by 1.25% compared with January 2025 and…
Imbalances in the Belarusian economy declined by the end of 2025, but its growth potential remained low Belarus’s GDP growth slowed to 0.3% YoY in Q4-2025, while overall the economy grew by 1.3% YoY in 2025 – three times lower…
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…