Monetary conditions eased in Q3-2026 and will continue to support domestic demand in the medium term The National Bank avoided auction operations to withdraw the structural liquidity surplus of the banking system and reduced the estimated values of standard risk…
Inflation in Belarus accelerated moderately following the easing of price controls and is forecast at close to 5% YoY for 2026 Annual inflation rose from 4.3% YoY in June to 4.6% YoY in September 2026, while the annualized quarterly price…
Belarusian economic growth slowed in Q3-2026 Over nine months, GDP increased by 2% YoY, and in September alone by 2.4% YoY. The increase in annual growth compared to the previous month was statistical in nature: the decline in GDP in…
Belarus’s economy slowed in August 2026 Over eight months, GDP increased by 1.9% YoY. Annual economic growth in August alone is estimated at around 0.7% YoY after approximately 5.4% YoY the month before. The weakening of output dynamics was to…
Key labor market trends for Q2-2026 – The number of employed in the economy grew by 0.2% over the quarter (in seasonally adjusted terms). The unemployment rate reached a new historical low – 2.1% of the labor force. – The…
Key findings of the Belarusian household survey (July 2026) – The Consumer Confidence Index increased by 1.4 p.p. in Q3-2026 (according to the Rosstat methodology) reaching -0.8%. The index excluding the component measuring the current state of the economy (according…
Belarus’s economy accelerated in Q2-2026 and will grow by 1.5–2.5% per year in the medium term – Belarus’s GDP grew by 3% in Q2-2026 relative to Q2-2025, while for the half-year as a whole the economy grew by 1.5% YoY…
Belarus’s GDP growth temporarily accelerated above 5% YoY in July 2026 due to the uneven pace of harvest campaigns in the current and previous year Over seven months, GDP increased by 2.1% YoY, while in July alone it jumped by…
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…