Non-restrictive monetary conditions and an increase in fiscal stimulus provided significant support to domestic demand in Q2-2026 The National Bank cut key rates by 0.5 p.p. in Q2-2026 and did not withdraw excess bank liquidity at auctions in order to…
Inflation in Belarus remained low in Q2-2026, but the easing of price controls from July will lead to its moderate increase by year-end Annual inflation slowed from 5.4% YoY in March to 4.3% YoY in June 2026, while the annualized…
Belarus’s GDP grew by 3% YoY in Q2-2026 Over the half-year, GDP grew by 1.5% YoY, and in June alone by ≈3.5% YoY. Compared to May 2026, output edged slightly downward (seasonally adjusted). However, thanks to strong dynamics in the…
Belarus’s economy will grow at a moderate pace in the medium term, provided that external conditions do not deteriorate significantly GDP will grow by 1.5–2.5% and exceed $100 bn in 2026. The economy accelerated to ≈3% YoY in Q2-2026 (after…
Belarus’s GDP reached a new all-time high in May 2026 In January – May 2026, GDP grew by 0.9% YoY, while in May alone it increased by ≈3.7% YoY. Compared to April 2026, output rose by more than 1% and…
Key characteristics of the labour market in Q1-2026 – The number of people employed in the economy increased by 0.1% over the quarter. The number of new jobs increased by 13.2% compared to Q4-2025 in seasonally adjusted terms. – Increases…
Belarus’s GDP returned to peak levels in April 2026 In January – April 2026, GDP grew by 0.2% YoY, while in April alone it increased by ≈1.8% YoY. Compared to March 2026, output rose by ≈0.6% (seasonally adjusted). The recovery…
The consumer confidence index in Q2-2026 decreased by 1 p.p. (Rosstat methodology) and stood at -2.2%. The consumer confidence index excluding the current economic situation component (Eurostat methodology) stood at -1.1%, while the EU average in April 2026 was lower at -19.4%.
Economic activity in Belarus showed restrained dynamics in Q1-2026, while GDP growth for the full year is projected to be around 1% – Belarus’s GDP declined by 0.4% in Q1-2026 compared to Q1-2025 after growing by 0.3% YoY in the…
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…