Express Analysis. June 2026
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…
Read moreExpress Analysis. June 2026
Labour Market and Social Sphere Q1-2026
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…
Express Analysis. May 2026
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. May 2026
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%.
Macroeconomic results for Q1-2026
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 Environment Review Q1-2026
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 Review. Q1-2026
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…
Express Analysis. April 2026
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 Environment Review 2025
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…
Express Analysis. March 2026
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…