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…
Inflation in Belarus amounted to 6.8% in 2025 and is projected to be close to 7% by the end of 2026 Annual inflation declined from 7.1% YoY in September to 6.8% YoY in December 2025. The annualized quarterly price growth…
Belarus’s economy grew by 1.3% in 2025, while the scale of its overheating declined significantly In Q4-2025, GDP increased by ≈0.4% compared with Q4-2024, following the growth of 0.8% YoY in the previous quarter. This corresponds to the seasonally adjusted…
The economy will return to a balanced growth trajectory in 2026–2027 after overheating in 2024–2025 GDP growth will slow from around 4% in 2023–2024 to about 1.1% in 2025 and 0.5–1.5% in 2026. The slowdown of the Russian economy and…
Belarus’s GDP continued to decline in November 2025, and the extent of economic overheating narrowed sharply For the eleven months of 2025, GDP grew by 1.3% YoY, and in November alone it declined by ≈0.6% YoY. Industrial output fell to…
We present a new issue of the analytical bulletin “The Consumer Confidence Index” within the project Belarus Economy Monitor.
The bulletin “Labour Market and Social Sphere” provides an overview of developments in the labour market and the social sector in Belarus.
Belarus’s economy continued to slow down in October 2025 For the ten months of 2025, GDP grew by 1.5% YoY, and in October alone – by ≈0.6% YoY. The volume of GDP (seasonally adjusted) in October decreased by ≈1% compared…
The momentum of high economic growth in Belarus has been exhausted Belarus’s GDP grew by 0.8% YoY in Q3-2025 after 1.0% in Q2; seasonally adjusted quarterly growth remained near zero. A decline in exports amid weaker demand in Russia was…
Monetary policy in Belarus remained subordinated to the goal of stimulating investment activity rather than ensuring price stability In Q3-2025, the National Bank actively issued rubles through the purchase of government bonds and foreign currency and did not withdraw excess…